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 | Nov 1, 2017
18-story residential tower breaks ground near Temple University
The tower will provide apartment units for students and young professionals.
Mixed-Use | Oct 19, 2017
Mixed-use Dubai tower will have the world’s tallest ceramic facade
The 63-story tower will house a Mandarin Oriental hotel, residences, and restaurants.
Mixed-Use | Oct 6, 2017
Omaha gets its first entertainment district
Leo A Daly designed the mixed-use development, which takes advantage of a new city ordinance that allows alcoholic beverages outdoors.
High-rise Construction | Oct 4, 2017
90-story mixed-use building could become Denver’s first supertall tower
Manhattan-based Greenwich Realty Capital is developing the project.
Reconstruction & Renovation | Sep 28, 2017
Plans for Chicago’s historic Post Office building revealed by 601W Companies and Gensler
The redevelopment project is currently the largest in the nation.
Mixed-Use | Sep 26, 2017
Perkins+Will designs new international business community in Cali, Colombia
The new free trade zone is designed to resemble a small village.
Mixed-Use | Sep 25, 2017
Getting there is half the fun: Mass transit helps entertainment districts thrive
In Los Angeles, the entertainment district L.A. Live is expected to benefit from the proposed expansion of the city’s mass transit system.
Mixed-Use | Sep 25, 2017
One of L.A.’s most sought-after neighborhoods receives a new mixed-use development
The new development will feature 166 units and 9,000 sf of ground-floor retail.
Mixed-Use | Sep 22, 2017
Defending against the online dragon
Some entertainment districts are going light on retail, partly because “the bulk of the leasing demand is for dining and entertainment,” say Barry Hand, a Principal with design mega-firm Gensler in Dallas.
Mixed-Use | Sep 21, 2017
Entire living rooms become balconies in a new Lower East Side mixed-used development
NanaWall panels add a unique dimension to condos at 60 Orchard Street in New York City.
