North Carolina’s residual property insurance association is expa
nding its roof-grant program by $20 million, offering $6,000 to policyholders who upgrade their roofs to the more wind-resistant FORTIFIED standard.
“In May, we launched the Strengthen Your Roof program, which invested $20 million in grants to policyholders in
the Outer Banks and Barrier Islands,” said Gina Hardy, CEO of the North Carolina Insurance Underwriting Association, the state-created program to help co
astal homeowners find coverage. “Now, we are expanding that commitment with the Strengthen Your Coastal Roof
program, adding another $20 million in funding to the remaining 18 coastal counties we serve.”
The program, unlike other states’ wind-mitigation grant programs, is funded largely through the NCIUA’s surplus, whi
ch has grown in recent months due in large part to reduced reinsurance costs, Hardy said earlier this year.
The FORTIFIED process was developed by the Insurance Institute
or Business and Home Safety and is considered to be something of a
reas that are vulnerable to hurricanes and tropical storm winds. The standard requires stronger roof deck attachment, s
ealed roof decks, and locked down edges.
Crucially, each installation is verified by a third party to ensure th
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e upgrades meet IBHS standards, state Insurance Commissioner Mike Causey said at the announcement last week.
Hardy
“Research from the Institute for Advanced Analytics at North Carolina State University shows that home
s with a FORTIFIED Roof had about 35% fewer claims after Hurricanes Matthew, Florence, Dorian, and Isaias,”
Causey said in a statement. “When claims were filed, the damage was about 23 percent less severe.”
Grants made through the expanded program will be awarded on a first-come, first-served basis. Eligible policyholders in the following counties are encouraged to apply promptly to reserve funding: Brunswick, Carteret, New Hanover, Onslow, Beaufort, Camden, Chowan, Craven, Jones, Pender, Pasquotank, Perquimans, Tyrell, Washington, Currituck, Dare, Hyde, and Pamlico.
NCIUA also offers the Stronger Roof Endorsement at no cost to all policyholders. The endorsement provides up to $5,000 in additional coverage for FORTIFIED Roof upgrades when a roof is replaced due to damage from a covered claim.
With the combined impact of the Strengthen Your Roof and Strengthen Your Coastal Roof programs, along with the Stronger Roof Endorsement, NCIUA said it has assisted more than 18,000 policyholders in obtaining an IBHS FORTIFIED roof since adopting the standard in 2016. These efforts represent more than $120 million invested in building stronger, safer homes across the coast.