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
| Apr 28, 2023
$1 billion mixed-use multifamily development will add 1,200 units to South Florida market
A giant $1 billion residential project, The District in Davie, will bring 1.6 million sf of new Class A residential apartments to the hot South Florida market. Located near Ft. Lauderdale and greater Miami, the development will include 36,000 sf of restaurants and retail space. The development will also provide 1.1 million sf of access controlled onsite parking with 2,650 parking spaces.
Mixed-Use | Apr 27, 2023
New Jersey turns a brownfield site into Steel Tech, a 3.3-acre mixed-use development
In Jersey City, N.J., a 3.3-acre redevelopment project called Steel Tech will turn a brownfield site into a mixed-use residential high-rise building, a community center, two public plazas, and a business incubator facility. Steel Tech received site plan approval in recent weeks.
Green | Apr 21, 2023
Top 10 green building projects for 2023
The Harvard University Science and Engineering Complex in Boston and the Westwood Hills Nature Center in St. Louis are among the AIA COTE Top Ten Awards honorees for 2023.
Urban Planning | Apr 17, 2023
The future of the 20-minute city
Gensler's Stacey Olson breaks down the pros and cons of the "20-minute city," from equity concerns to data-driven design.
Multifamily Housing | Apr 17, 2023
World's largest multifamily building pursuing ILFI Zero Carbon certification under construction in Washington, D.C.
The Douglass, in Washington, D.C.’s Ward 8, is currently the largest multifamily housing project to pursue Zero Carbon Certification from the International Living Future Institute (ILFI).
Urban Planning | Apr 12, 2023
Watch: Trends in urban design for 2023, with James Corner Field Operations
Isabel Castilla, a Principal Designer with the landscape architecture firm James Corner Field Operations, discusses recent changes in clients' priorities about urban design, with a focus on her firm's recent projects.
Market Data | Apr 11, 2023
Construction crane count reaches all-time high in Q1 2023
Toronto, Seattle, Los Angeles, and Denver top the list of U.S/Canadian cities with the greatest number of fixed cranes on construction sites, according to Rider Levett Bucknall's RLB Crane Index for North America for Q1 2023.
Contractors | Apr 10, 2023
What makes prefabrication work? Factors every construction project should consider
There are many factors requiring careful consideration when determining whether a project is a good fit for prefabrication. JE Dunn’s Brian Burkett breaks down the most important considerations.
Mixed-Use | Apr 7, 2023
New Nashville mixed-use high-rise features curved, stepped massing and wellness focus
Construction recently started on 5 City Blvd, a new 15-story office and mixed-use building in Nashville, Tenn. Located on a uniquely shaped site, the 730,000-sf structure features curved, stepped massing and amenities with a focus on wellness.
Affordable Housing | Mar 14, 2023
3 affordable housing projects that overcame building obstacles
These three developments faced certain obstacles during their building processes—from surrounding noise suppression to construction methodology.
