A new study that measured the economic value of using FORTIFIED Multifamily, a voluntary beyond-code construction and re-roofing method developed by the Insurance Institute for Business & Home Safety (IBHS), found the return can be as high as 72%.
The Alabama Center for Insurance Information and Research (ACIIR) at the University of Alabama's Culverhouse College of Business study predicts lower insurance costs due to reduced risk, coupled with increased revenue, more than pay for the cost of achieving a FORTIFIED designation. The size of this return on investment varied based on where the project was located, and which FORTIFIED designation was sought. It ranged from 8.1% with added hail protection in inland areas to 72% for a Gold designation near the coast.
A building can be constructed to a FORTIFIED standard for either Hurricane or High Wind, and property owners can choose from three designation levels, including Roof, Silver, or Gold. The standard requires upgrades be verified and documented by an independent third-party evaluator.
The FORTIFIED Multifamily program was developed based on decades of lab and field research by IBHS to identify methods to strengthen homes, commercial buildings, and multifamily properties against severe weather, including hurricanes and tornadoes. The standard is publicly available and is free.
Related Stories
Multifamily Housing | Feb 22, 2018
Multifamily building with 25,000 sf of amenities rises on the shore of the Potomac River
The building is part of the National Gateway mixed-use development at Potomac yard.
High-rise Construction | Feb 14, 2018
BIG and Carlo Ratti Associati-designed Singapore skyscraper has open-air ‘oases’ at multiple levels
The new skyscraper will include “the office of the future.”
Mixed-Use | Jan 26, 2018
Eager Park opens as health and wellness centerpiece of future mixed-use master plan
The 6-acre park was designed to showcase East Baltimore’s commitment to wellness and sustainability.
Sports and Recreational Facilities | Jan 25, 2018
Virginia Beach: A surf town with a wave problem no more
A world-class surf park will highlight Virginia Beach’s new live-work-play development.
Mixed-Use | Jan 16, 2018
Mixed-use development under construction in Detroit’s central business district
The development is being built on the former site of the Statler Hotel.
Mixed-Use | Jan 5, 2018
USC Village is the largest development in the history of the University of Southern California
USC Village comprises six buildings and 1.25 million sf.
Mixed-Use | Jan 3, 2018
A Houston luxury apartment complex has its own co-working space
The new community is located in the economic and population center of Houston.
Mixed-Use | Jan 2, 2018
Food incubator will support entrepreneurs on Chicago’s West Side
Designed by Wight & Company, the 67,000-sf food incubator development in Chicago’s East Garfield Park neighborhood will also serve as the new headquarters for the nonprofit Accion Chicago.
Mixed-Use | Dec 12, 2017
A new live/work neighborhood is about to get under way in Omaha, Neb.
Walkability and recreation will be key features of West Farm.
Mixed-Use | Dec 12, 2017
Construction begins on Phase I of $240 million mixed-use development in Boston
Fenway Center will span 4.5 acres between Brookline, Beacon Street, David Ortiz Way, and the Massachusetts Turnpike.