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
Mixed-Use | Mar 27, 2017
The Plant brings terrace-to-table living to Toronto
Curated Properties and Windmill Developments have teamed up to create a mixed-use building with food as the crux of the project.
Mixed-Use | Mar 21, 2017
Studio Gang commissioned to design its first Canadian building
The project will be a mixed-use tower at the southwest corner of Yonge and Delisle in Toronto.
Retail Centers | Mar 9, 2017
When everyone shops online, what happens to mixed-use retail?
NBBJ’s David Yuan explains how changing retail trends are creating new opportunities for urban experiences and public space.
High-rise Construction | Mar 3, 2017
Detroit's tallest tower to rise at site of former J.L Hudson's Department Store
SHoP Architects and Hamilton Anderson Associates will design the 52-story building.
Mixed-Use | Mar 1, 2017
New hotel and residential tower coming to San Francisco’s Transbay neighborhood
The ground-up development will feature 255 hotel rooms and 69 residential units.
Mixed-Use | Feb 27, 2017
Tallest tower in Miami to begin construction in January 2019
The tower will reach a height of 1,049 feet, the maximum height permitted by the FAA in Miami.
Mixed-Use | Feb 23, 2017
5-tower scheme revealed for Zhengzhou, China
The towers will vary in height and emerge from a shared retail podium.
Mixed-Use | Feb 22, 2017
Hunt Development Group selected to spearhead Cabrini-Green redevelopment
The Chicago Housing Authority selected the firm to develop mixed-income housing and retail space where the infamous housing project once stood.
Mixed-Use | Feb 21, 2017
Coconut Grove’s newest mixed-use development springs from a converted parking garage
Terra says the development will be the first newly built office building in central Coconut Grove in over 20 years.
High-rise Construction | Feb 17, 2017
Zaha Hadid Architects-designed building to have the world’s tallest atrium
A 190-meter atrium will rise the full height of the building between two twisting sections.
