The "Strengthen Arkansas Homes Act" establishes a program aimed at providing financial assistance for mitigating losses to insurable dwellings caused by catastrophic wind events, such as tornadoes and hail. It creates the "Strengthen Arkansas Homes Program Premium Tax Fund," which will be funded by a portion of insurance premium taxes, allocating up to twelve million dollars annually. The fund will be managed by the Insurance Commissioner, with all deposited funds exclusively used for the program and any unspent funds carrying over to the next fiscal year. The Act outlines eligibility criteria for property owners, requiring them to own an insurable dwelling that meets specific construction standards and to have the necessary insurance coverage.

The bill also introduces new criteria for determining eligibility, allowing the commissioner to set additional guidelines, and mandates that homeowners hire certified contractors who meet specific requirements. It includes provisions for contractors to disclose costs exceeding grant funds and prohibits additional charges after work completion. Furthermore, property insurers are required to provide premium discounts for homes certified under the FORTIFIED Home construction standards. The Insurance Commissioner will implement rules for the program, which is set to take effect on January 1, 2026.

Statutes affected:
Old version SB179 V2 - 2-10-2025 11:20 AM: 19-6-301, 23-75-119(a), 23-76-131(c), 26-57-603(d), 26-57-610(b)
Old version SB179 Original - 2-3-2025 09:12 AM: 19-6-301, 23-75-119(a), 23-76-131(c), 26-57-603(d), 26-57-610(b)
SB 179: 19-6-301, 23-75-119(a), 23-76-131(c), 26-57-603(d), 26-57-610(b)