If you need a reminder as to just how dangerous earthquakes are, all you have to do is turn on the nightly news. Several states in the US and other countries around the world have been experiencing massively destructive earthquakes.
Because of the earthquakes, you might have either received a notice from the city you live in or become aware that your building is one of many that needs a retrofit.
While this is a costly repair, it’s a much-needed one. It’s important to understand that although it may mean an expense up-front, you’ll see a significant return on your investment. Here are three reasons that it’s ultimately incredibly beneficial to invest in an earthquake retrofit.
Save $7 for Each Dollar Spent
According to Researchers at Caltech, for every dollar you spend on an earthquake retrofit, you will be seeing a savings of up to $7. FEMA also did their own research and found similar cost benefits in 2-year data analysis of different seismic retrofit plans applied to different building types.
For the FEMA study, the earthquake retrofits California was not only deemed necessary but is also justified in terms of economics.
If you have a commercial property and you knew that it needed an earthquake retrofit but chose not to do it, you could be held liable for any damage or injury incurred during an earthquake on your property.
If you think that liability is not something you’ll have to worry about, think again. In 2003, 2 people who were working in a clothing store were crushed and killed while working. The building, before the earthquake, was ordered by the city to be retrofitted, but they chose not to do it. Later in the case, the jury found the building owner was negligent and had to pay a very hefty sum to the employee’s families.
Loss of Income
If you have a commercial building, it’s important to invest in its maintenance wisely in order to ensure that the property remains profitable. When a building is unsafe and an earthquake causes damage, you may experience a sizable loss of income while you wait for repairs to be made. Although insurance can help you to rebuild, it doesn’t always help you recoup losses that were sustained while your business was halted.
If you’re interested in knowing more about a retrofit, contact Saunders Seismic for more information.