The proposed bill establishes a framework for providing premium discounts and insurance rate reductions for homeowners in Minnesota who retrofit their properties to meet specific safety standards against catastrophic windstorm events. It introduces new sections in Minnesota Statutes, specifically section 65A.60, which defines terms such as "insurable property" and outlines the requirements for insurers to offer discounts based on compliance with the Fortified For Safe Living Standards (FFSLS) or Fortified Commercial Standard (FCS). The bill mandates that insurers provide these discounts for both new constructions and retrofitted existing homes, contingent upon certification by an IBHS-certified inspector. Additionally, it allows for administrative rulemaking by the commissioner of commerce to implement these provisions.

Furthermore, the bill establishes the "Strengthen Minnesota Homes Program," which aims to provide grants for retrofitting homes to resist common perils, including tornadoes. It creates a dedicated account for funding these grants and outlines eligibility criteria for both applicants and contractors involved in the program. The bill emphasizes that grant funds cannot be used for maintenance or repairs but can be combined with necessary repairs due to wind or hail damage. The program is designed to operate on a first-come, first-served basis, subject to available funding, and includes provisions for oversight and compliance to prevent fraud.