The FORTIFIED Multifamily™ Wind program includes a re-roofing and construction standard and verification process that mitigates wind-peril losses for multifamily structures. In this study, we estimate the net value of the FORTIFIED™ Multifamily Wind program by comparing the marginal costs to the marginal benefits.
We present the analysis in relation to the owners of buildings because they are the ultimate decision makers.
However, we note that value can accrue to owners through increased value to tenants (higher rent) or government (reduced disaster cost).
In 2011, the Alabama State Legislature enacted the Strengthen Alabama Homes (SAH) program mandating insurance agencies that operate in the state to offer discounts for coastal houses and manufactured houses that are built, rebuilt, or retrofitted in accordance with FORTIFIED standards.
In April 2018, the Alabama Center for Insurance Information and Research engaged the University of Alabama’s Center for Business and Economic Research to measure the economic and fiscal impacts of FORTIFIED home construction across the state of Alabama and in Baldwin and Mobile counties. There are many ways to measure the SAH program’s impact — this analysis is one.
This report presents the economic and fiscal impacts of a $1,000,000 increase in consumer spending in the retail sector in Baldwin and Mobile counties by the participants of the Strengthen Alabama Homes program as a result of a reduction in home insurance premiums. It is assumed that the lowering of insurance premiums will result in an increase in consumer spending.
The economic impacts presented in this report focus on output, value-added, earnings, and employment.
Dr. Lars Powell, director of the Alabama Center for Insurance Information and Research, discusses the importance of the new Alabama Coastal Insurance Shopper’s Guide and why homeowners need to start shopping for insurance.
The Alabama Center for Insurance Information and Research released a guide to help homeowners on the Gulf Coast prepare for weather-related disasters.
The guide was produced by the Alabama Center for Insurance Information and Research at The University of Alabama’s Culverhouse College of Business in partnership with Smart Home America and Coastal Alabama Partnership.
“Some 20,000 homes along Alabama’s coastal counties are not insured for wind damage, and thousands more are functionally uninsured,” said Lars Powell, director of the Alabama Center for Insurance Information and Research. “The new Alabama Coastal Insurance Shopper’s Guide will help people better prepare for, and recover from, hurricanes, and potentially save money in the process.”
The guide features sections on the process of buying homeowners insurance, elements of coverage, flood insurance, and even a Homeowners Comparison Checklist, as well as a “Top 10 Questions” to ask when buying insurance. It is designed to help people better understand homeowners insurance and help ensure they are buying the appropriate coverage.
Governor Bentley created the Coastal Insurance Working Group (CIWG) in June 2015. He asked members to focus attention on public policy, guidelines, and possible multi-state approaches to address the cost of property insurance along Alabama’s Gulf Coast. The Executive Director of the Alabama Center for Insurance Information and Research (ACIIR), Dr. Lars Powell, acted as Co-Chairman of the Coastal Insurance Working Group. The CIWG began working in August 2015 and completed this report in January of 2016. The group met diligently for two full days each week during this four-month period.
ACIIR released a guide to help homeowners ask the right questions when buying homeowners insurance.
The guide was produced by the Alabama Center for Insurance Information and Research at The University of Alabama’s Culverhouse College of Commerce in partnership with Smart Home America and Coastal Alabama Partnership.
Five years ago, more than 200 people lost their lives and more than 2,000 injuries were reported from the April 27 tornado outbreak that swept across the state of Alabama. On that day, 35 of 67 Alabama counties suffered damage and 23,552 homes were damaged or destroyed.
The Alabama Center for Insurance Information and Research at The University of Alabama Culverhouse College of Commerce has partnered with the Property Casualty Insurers Association of America, the Alabama Department of Insurance and Smart Home America to produce the 2016 Tornado Preparedness Guide & Insurance Tips for the state of Alabama.
The guide not only shares how state residents can prepare ahead of time for storms but also how they can work with insurance companies in the recovery process. The guide also offers various facts and information about some of the deadliest and costliest tornado outbreaks, including details from the April 27, 2011 outbreak.
The Debris Cannon Laboratory is a joint venture between the Department of Civil, Construction, and Environmental Engineering and the Alabama Center for Insurance Information and Research.
The cannon can independently or simultaneously launch debris from each of the four barrels. Each barrel can be independently loaded with unique material, aimed, and fired at different speeds.
The University of Alabama commissioned a four-barrel debris cannon to simulate and study building envelope damage caused by wind-borne debris. The ability to launch four projectiles allows researchers to strike a structure at four different critical locations either simultaneously or in succession.
A new study on the resale value of fortified home construction by The University of Alabama’s Insurance Research Center was the topic of discussion today at the White House.
The panel discussed property loss mitigation – past, present, and future – at this morning’s White House Forum on Smart Finance for Disaster Resilience.
The Alabama Center for Insurance Information and Research, and the Insurance Institute for Business & Home Safety were present for the panel discussion.
“This report is a great example of the practical application of academic research methods,” said Lars Powell, director of the Alabama Center for Insurance Information and Research. “We are very confident in the results and hope they will affect public and private behavior to make exposed communities more resilient to natural disasters.”
he Alabama Center for Insurance Information at The University of Alabama Culverhouse College of Commerce has partnered with the Property Casualty Insurers Association of America, to produce the online interactive Renters Insurance Guide and a printable brochure highlighting the importance of purchasing renter’s insurance.
It is in everyone’s best interest to have a backup plan with renter’s coverage and talking with your insurer or agent is a great first step. The average consumer spends $1,092.00 on coffee each year. However, a renter’s insurance policy on average costs $240.00 per year. When you look at it that way, it only takes skipping a few coffees to make sure your belongings will be protected if the unexpected occurs.