Latest news with #FortifyHomesProgram
Yahoo
13-05-2025
- Business
- Yahoo
Tax credit might be in store for Louisiana homeowners who add fortified roofs
The Louisiana Senate has approved a nonrefundable income tax credit for homeowners to help cover up to $10,000 in expenses for installing a fortified roof. (Getty Images) The Louisiana Senate advanced a bill Monday that would create an individual income tax credit for homeowners who install a fortified roof. Senate Bill 28, sponsored by Sen. Kirk Talbot, R-River Ridge, cleared the chamber in a unanimous vote. The measure would give homeowners a nonrefundable income tax credit for up to $10,000 for out-of-pocket expenses used to pay for a fortified roof. Fortified roofs are built with improved techniques and materials designed to prevent leaks and withstand hurricane-force winds, lowering the risk of storm damage and typically lowering homeowner insurance rates. The Insurance Institute for Business and Home Safety (IBHS) set standards for the products and materials used, The Louisiana Department of Insurance began its Fortify Homes Program about two years ago, offering grants of up to $10,000 to homeowners who want to upgrade their roofs and can cover any costs in excess of that amount. A homeowner who receives a fortified roof grant from the insurance department would also be able to claim the tax credit but only for amounts the grant does not cover. The median cost of a fortified roof in Louisiana is about $16,229. Combined, the grant and the tax credit could allow more Louisiana homeowners to invest in fortified roofs, which could reduce the cost of property insurance. Louisiana Legislative Auditor Mike Waguespack reviewed the Fortify Homes Program recently and found that roofs built through the grant program directly reduced homeowners' insurance costs at a median rate of 22%. The state's Fortify Homes program is in its third year of existence and has awarded more than 1,800 grants since its first round of funding in October 2023. Many more homeowners have opted to upgrade their roofs without grant money. As of Feb. 1, the IBHS had issued 5,413 fortified certificates to property owners in Louisiana, according to the auditor's report. Talbot's proposal limits the total amount of credits the state may issue in a single fiscal year to $10 million, and they are to be issued on a first-come, first-served basis. The bill next heads to the House for consideration. SUPPORT: YOU MAKE OUR WORK POSSIBLE
Yahoo
10-03-2025
- Business
- Yahoo
Fortified roof grant program is proving effective in lowering homeowner insurance rates, audit finds
Blue tarps cover the roof of Paula Bermudez's storm-damaged house in Galliano on Oct. 5, 2021 — six weeks after Hurricane Ida. (Wes Muller/Louisiana Illuminator) The state's grant program that helps homeowners pay for upgrades for a fortified roof is proving effective in lowering the cost of their homeowner's insurance, according to a review published Monday by the state auditor. Louisiana Legislative Auditor Mike Waguespack reviewed the Fortify Homes Program, which offers $10,000 grants to homeowners who install hurricane-resistant roofs and found they directly reduced insurance costs at a median rate of 22%. Homeowners who received fortified roof grants saved $1,250 on their insurance bill, lowering their annual premium from $5,625 to $4,375, according to the report. The roof grants have mostly gone to middle-income households. The audit found very low-income households, with home values less than $90,000, are underrepresented in the program. The state's grant program is in its third calendar year of existence and has awarded more than 1,800 roof grants since its first round of funding in October 2023. A fortified roof, according to standards set by the Insurance Institute for Business and Home Safety (IBHS), is built with improved materials and techniques that can stop leaks and withstand winds of up to 150 mph, lowering the risk of storm damage and typically leading to lower homeowner insurance rates. Many more homeowners have opted to upgrade their roofs without grant money. As of Feb. 1, IBHS had issued 5,413 fortified certificates to property owners in Louisiana, according to the auditor's report. The state awards grants of up to $10,000, meaning homeowners need to cover any costs that exceed that amount. They also might need to pay for some of the work upfront because the state issues the grant checks directly to the roofing contractors only after they complete the job. The audit reviewed insurance rating data and surveyed homeowners who applied for the program, receiving a total of 694 unique responses out of 3,257 participants. The calculations took into account the upfront costs that most homeowners have to provide in order to complete their roof installation. It found that the median total cost of a fortified roof upgrade was approximately $16,229 or $6,229 after accounting for the $10,000 grant. With annual insurance premium savings of $1,250, a fortified roof upgrade with a 15-year lifespan would pay for itself in less than five years. About 80% of a fortified roof price tag, or $12,981, is the baseline cost of replacing an existing roof to meet current building code standards. The remaining 20%, or $3,248, is the additional cost to upgrade it to fortified standards and pay for an evaluator to certify the roof. 'In South Louisiana, the benefits of retrofitting to the fortified roof standard generally exceed the costs,' the audit states. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Yahoo
12-02-2025
- Business
- Yahoo
Louisiana opens registration for new round of fortified roof grants
Blue tarps cover roofs in Larose in October 2021, six weeks after Hurricane Ida. Insurance Commissioner Tim Temple wants to make a state roof fortification grant program available to more low- and moderate-income homeowners. (Wes Muller/Louiisiana Illuminator) Registration for Louisiana's fortified roof grant program opened Wednesday for its first lottery round of 2025. The Louisiana Fortify Homes Program, which offers up to $10,000 to homeowners who install hurricane-resistant roofs on their houses, is now in its third calendar year. The registration period will close at 5 p.m. on Sunday (Feb. 16), at which point the Louisiana Department of Insurance will randomly select 1,000 grant recipients. This round of grants is limited to residents of Louisiana's coastal zone and the cities of Lake Charles, Sulphur and Westlake. Homeowners can find out if they live in the zone by entering their address into the search field of the state's online coastal zone map. Homes within the blue-shaded area of the map are eligible. Homeowners are required to create a profile on the program's website before registering for the lottery. Homeowners who registered during a previous round but were not selected must register again if they want to participate in the current round. People who register on the last day of the registration period have the same chance of being selected as those who register on the first day, so there is no need to rush to register, according to a Department of Insurance news release. Louisiana's fortified roof grant program carries over millions in unspent funds The Fortify Homes Program has so far awarded about 1,800 grants since its first round of funding in October 2023, Insurance Commissioner Tim Temple said. The program awards grants of up to $10,000, so homeowners need to cover any costs that exceed that amount. They also might need to pay for some of the work upfront because the state issues grant checks to contractors only after they complete the job. A fortified roof, one that meets the standards of the Insurance Institute for Business and Home Safety, are built with improved materials and techniques that can stop leaks and withstand winds of up to 150 mph, lowering the risk of storm damage and typically leading to lower homeowner insurance rates. To qualify for a fortified roof grant, Louisiana homeowners have to get a state-approved evaluator to inspect their home. They must then obtain bids from at least three insurance department-approved contractors who can do the work. The department's website lists approved evaluators and contractors. The program has a number of other eligibility requirements that can be found at SUPPORT: YOU MAKE OUR WORK POSSIBLE
