Bill > S0604

This bill creates a comprehensive framework for a home hardening program called "Strengthen Rhody Homes" within the Rhode Island Department of Business Regulation. The program aims to help homeowners make their properties more resilient to hurricane and catastrophic windstorm damage by providing grants for home retrofitting. Key provisions include establishing eligibility requirements for homeowners and contractors, creating a revolving fund to support the program, and mandating that homes be evaluated and upgraded to meet specific insurance industry standards like the Insurance Institute for Business and Home Safety (IBHS) Fortified Homes Program. The bill also increases the state guaranty fund limits on personal and commercial property insurance claims to one million dollars for first-party covered claims occurring after January 1, 2026. Additionally, the legislation repeals an existing commission on hurricane loss projection methodology and requires insurers to provide premium discounts for homes that meet certain construction standards. The program is not an entitlement and is subject to securing federal or other grant funding, with priority given to lower-income applicants and those in areas more susceptible to catastrophic weather events.

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