There are many reasons to retrofit for the health of your family and home. Obviously, the most important reason to get a seismic upgrade is to make it safer. The primary objective of a retrofit is to make sure that inhabitants can shelter in place and survive in the event of a major earthquake. A securely retrofitted home is less vulnerable to structural damage from shaking, which reduces the chance of injury and death. In addition to safety however, a seismic rehabilitation can also protect a homeowner’s wallet.
A retrofit can save the customer a substantial amount of money in the long run. First and foremost, it protects the homeowner’s investment and increases the resale value of the home. While costing several thousand dollars on average, retrofitting a home is undoubtedly less expensive than paying for costly structural repairs that can incur as a result of earthquake damage. Seismic upgrades can also help eliminate unexpected expenditures. For example, high magnitude earthquakes can render homes uninhabitable and reconstruction can take years. In this situation, on top of a mortgage and the expenses required to repair a home, a homeowner may need to additionally pay for rental housing, and unfortunately rent tends to surge following natural disasters.
Furthermore, a retrofit can also protect the financial investment of a home renovation project. When a home is being remodeled or square footage is being added to a home, it is important to remember that seismic rehabilitation is voluntary. A contractor will not necessarily hire or have an in-house foundation specialist to evaluate the condition of a home’s foundation. We have inspected many remodeled homes, in which hundreds of thousands of dollars had been spent on renovations that rested upon foundations in poor conditions. It is important to remember that foundation repair and replacement is a specialty trade. Therefore, it is always a good idea to have a foundation inspected by a specialist before beginning a renovation project.
Lastly, having a home retrofitted may help with insurance costs. Insurance companies that cover earthquake damage are expensive, and seismic upgrades may lower premiums and deductibles. In fact, most insurance companies will not cover earthquake damage if the home has not been retrofitted.