Bill > H5549

This bill provides a comprehensive framework for a home hardening program called "Strengthen Rhody Homes" within the Rhode Island Department of Business Regulation. The bill increases the state guaranty fund limits for first-party property loss claims to one million dollars for insolvencies occurring after January 1, 2026, and establishes a new program to help homeowners make their properties more resilient to hurricanes and catastrophic windstorm events. The program will seek federal and other grants to provide financial assistance to residential property owners for retrofitting their homes to meet specific construction standards, such as the Insurance Institute for Business and Home Safety (IBHS) Fortified Homes Program. Eligible homeowners must meet various criteria, including having an owner-occupied, single-family primary residence in good repair, and must work with certified contractors and evaluators to improve their home's structural integrity. The bill creates a revolving fund to support the program and includes detailed provisions about grant applications, contractor and evaluator qualifications, and program administration. Additionally, the bill repeals an existing statute about the Rhode Island Commission on Hurricane Loss Projection Methodology. The legislation aims to help homeowners better protect their properties from severe weather damage and potentially reduce insurance costs through strategic home improvements.

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