NY A05874

Creates the Strengthen Homes Program within the Department of Financial Services to provide financial grants for retrofitting roofs on owner-occupied, single-family primary residences to meet FORTIFIED Roof standards from the Insurance Institute for Business and Home Safety

Establishes grant eligibility rules with priority given to lower-income applicants and those in areas with higher susceptibility to catastrophic weather events, processed on a first-come, first-served basis within income tiers

Requires all property insurers to provide premium discounts or rate reductions for homes certified as meeting FORTIFIED Roof standards, when actuarially justified with sufficient evidence of cost savings

Sets contractor eligibility requirements including $1 million general liability coverage, workers compensation insurance, and certification as a trained service provider with the Insurance Institute for Business and Home Safety

Creates the Strengthen Homes Program Fund to hold federal grants and other funding sources, with program implementation contingent on receiving such external funding