U.S. Chamber of Commerce Report Highlights Building Codes as Solution to Stabilizing Insurance Markets
The report shows that strong building codes lead to resilient communities and affordable insurance.
As natural disasters grow in frequency and severity, the financial toll on homeowners and insurers continues to rise. Communities across the United States are grappling with escalating insurance premiums, reduced coverage options and the challenge of rebuilding after catastrophic events.
In an attempt to ease these burdens, the U.S. Chamber of Commerce is urging policymakers, industry leaders and local governments to embrace smarter, forward-looking resilience strategies.
One of the most effective solutions is modern, consensus-based building codes. These codes are not simply technical guidelines, but rather foundational policies that foster the safety, affordability and resilience of communities across the U.S. and beyond.
Building Codes as a Policy Solution
According to the U.S. Chamber of Commerce’s recent whitepaper, The Path to Affordability and Availability in Homeowners Insurance, adherence to the most recent International Codes® (I-Codes®) could be a key policy solution to stabilize insurance markets. The report estimates that “if all new buildings were constructed to meet these standards, the U.S. could prevent more than $600 billion in losses by 2060.”
The evidence is already visible in places like Florida, where decisive action to strengthen building codes and require higher standards of resilience has reduced the scale of damage from hurricanes and other severe weather events, ultimately lowering costs for homeowners and insurers alike.
More information on the Chamber of Commerce report can be found here.
Learn more about the I-Codes and the code development process, here.
About the Author
The International Code Council is a nonprofit association that provides a wide range of building safety solutions, including product evaluation, accreditation, certification, codification and training. It develops model codes and standards used worldwide to construct safe, sustainable, affordable and resilient structures.
