Earthquake Retrofits: 6 Benefits You Can’t Ignore
Earthquake retrofitting is a crucial step for property owners in earthquake-prone areas. Earthquakes pose significant risks to both buildings and their occupants, making it essential to ensure that your property can withstand seismic forces.
While the initial investment in retrofitting might seem substantial, the long-term benefits far outweigh the upfront costs. Not only does retrofitting protect lives and preserve the structural integrity of your building, but it also offers substantial financial and legal advantages.
Waiting to retrofit could expose you to unnecessary risks—both financial and legal—that grow as time passes. Addressing these vulnerabilities early protects lives and locks in current construction costs before they rise further.
6 Benefits of Earthquake Retrofitting
Earthquake retrofitting, or seismic retrofitting, involves modifying existing buildings to make them more resistant to seismic activity, ground motion, or soil failure during earthquakes. This process typically includes reinforcing structural elements like walls, foundations, and connections within the building to enhance its ability to withstand seismic forces.
Here are six significant benefits of investing in seismic retrofitting.
1. Mitigate Risk & Liability
Seismic retrofits can significantly mitigate risk and liability associated with earthquake damage. If you own a commercial property and are aware that it requires a seismic retrofit but choose not to act, you could be held liable for any injuries or damages that occur during an earthquake. If you think that liability is not something you have to worry about, think again.
In 2003, a building owner was found negligent after two employees were killed during an earthquake in a building that had been ordered to be retrofitted. The jury’s decision led to a substantial financial penalty for the owner, highlighting the severe legal risks of neglecting necessary seismic upgrades.
2. Increase Property Value
Investing in seismic retrofitting can increase your property’s market value. Retrofitted buildings are more attractive to potential buyers because they provide a higher level of safety and structural resilience, key factors in property valuation.
Additionally, meeting lender standards (generally, SUL below 20) through retrofitting makes your property eligible for more financing options and attracts a broader pool of potential buyers in the event of a sale. This is particularly important as more regions adopt hazard-resistant building codes, making compliant properties more valuable.
3. Avoid Construction Cost Inflation
Construction costs typically rise over time due to inflation, labor shortages, and increased material costs. By retrofitting your property now, you lock in current costs and avoid higher expenses in the future.
Beyond rising costs, delaying a retrofit can increase the potential for unnoticed structural damage to worsen, leading to even higher repair costs down the line.
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Addressing seismic vulnerabilities now can save you money and prevent future headaches.
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4. Lower Insurance Premiums
Many insurance companies offer premium discounts to property owners who have completed seismic retrofits. Reducing the risk of earthquake-related damage allows you to negotiate lower insurance premiums, resulting in ongoing cost savings over the life of your investment.
5. Enhance Marketability
Seismic retrofits make your building more desirable and competitive in the real estate market. Marketability is about how easily your property can be leased or sold, and a retrofitted building stands out to buyers and tenants who prioritize safety and reduced business interruption risks.
The improved financing eligibility also makes the property more appealing to investors looking for secure and stable investments, further enhancing its appeal.
6. Increase Resiliency & Tenant Retention
Seismic retrofits help ensure your building can quickly resume operations after an earthquake. This resiliency not only protects ongoing business operations but also supports tenant retention. Tenants are likelier to remain in a building that offers seismic safety, providing them with security and continuity.
Additionally, by preventing extensive damage, retrofits can help avoid significant income loss during the repair period, a risk that insurance may not fully cover. Even with insurance, many property owners face the reality that policies may not cover the income lost during the downtime required for repairs.
Retrofitting is an investment in safety and maintaining your property’s profitability during unforeseen events.
Secure Your Building’s Future with Saunders Seismic
Seismic retrofitting is more than just a precaution—it’s a strategic investment that can protect lives, enhance property value, and provide substantial financial returns.
At Saunders Seismic, we bring over forty years of experience to every project, ensuring your building is fortified against earthquake risks. We specialize in providing top-tier seismic retrofitting services exclusively for commercial and industrial structures, ensuring tailored solutions that meet their unique needs.
With thousands of successful retrofits completed across California, Washington, Oregon, Nevada, and Utah, we are the trusted partner for safeguarding your real estate assets.
Delaying retrofitting increases the risks and costs over time. Act now to secure your building’s safety and long-term value.
Contact us today to schedule a consultation and take the first step toward a safer, more resilient building.