When considering the investment in a beachfront property, many individuals often prioritize amenities that enhance its coastal allure. However, Gina Hardy asserts that the quality of the roof should be a primary concern for coastal properties.
"We aim for people to regard a sturdy roof with the same importance as they do luxurious countertops in their beachfront homes," stated Hardy, CEO of the North Carolina Insurance Underwriting Association (NCIUA), also known as the Coastal Property Insurance Pool.
Since 2019, the NCIUA has initiated the Strengthen Your Roof program for the Outer Banks and Barrier Islands, allocating $42.1 million for roof fortification. Another initiative, Strengthen Your Coastal Roof, commenced in 2022 with $14 million designated for other coastal counties.
An additional $20 million has been earmarked for the Strengthen Your Roof program on the Outer Banks, with an equivalent amount allocated for the Strengthen Your Coastal Roof program in remaining coastal counties, excluding the Outer Banks.
Funding for the Strengthen Your Coastal Roof program may originate from various sources, including federal, state, or local entities. Hardy and program advocates plan to seek matching funds from the North Carolina legislature in the upcoming session to ensure the cost-effectiveness of their investments.
Utilizing the State Budget Surplus, Don Hornstein, a member of the NCIUA board, proposes allocating a portion of the state's surplus towards roof fortification to mitigate long-term recovery costs. Hornstein, who chairs the NCIUA's mitigation committee, believes that directing surplus funds towards roof fortification is a prudent measure that benefits the entire community.
Since Hurricane Florence in 2019, the roof fortification program implemented by NCIUA has led to a significant increase in fortified roofs in North Carolina coastal areas, resulting in reduced insurance claims and losses during subsequent hurricanes.
Efforts to educate homeowners about the importance of roof strengthening persist despite the growing number of fortified roofs. Insurance professionals, such as Frank Lopez from North Carolina Sea Grant, play a pivotal role in educating homeowners about the advantages of a stronger roof.
Despite challenges, the North Carolina Insurance Underwriting Association remains stable with robust support from the legislature and governor. Investments in roof fortification bolster the financial stability of the insurer by mitigating losses during severe weather events.
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