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. The Act 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 obtain necessary permits, while ensuring that grant application documentation remains confidential.

Furthermore, the bill mandates that homeowners hire certified contractors who meet specific requirements, including valid licenses and insurance, and establishes responsibilities for contractors and evaluators to avoid conflicts of interest. It also requires insurance companies providing coverage for certified homes to offer premium discounts or rate reductions based on compliance with FORTIFIED Home construction standards. The Act will take effect on January 1, 2026, and includes provisions for the Insurance Commissioner to create rules for the program's implementation and administration.

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)