Soft stories are a seismic hazard that could result to a very substantial loss of your investment, your earnings from the rents as well as claiming of the lives in case something worse happens. What happens is that, when the worst happens, the stories that are above the ones that are down will just squeeze together so this means that it is impossible save the belongings inside the building or even save the lives of people who are victims. This kind of hazard is very dangerous and it has caused a lot of problems and loss of important lives. There are times when the tragedy is very ruthless making it even not to be manageable by the natural disaster management team. Make sure that you have taken the important steps to retrofit your building as soon as possible if it has soft stories. It is very important to retrofit your soft story structure.Discussed below are some of the significant reasons why retrofitting of your soft story building is a must do thing.
It’s the rule of the relevant authorities
There is a law signed making it a must for the soft stories buildings to be retrofitted after some houses with weak floors claimed some lives after an earthquake.
Decrease the losses
Having your building collapsing due to the earthquake can cause a lot of damages that can make you to use a lot of resources to pay for the damages caused. Once such an accident happens to you, it is the law that state that you are the one who will be accountable for any loss of life, loss of property within or near the soft story building that has collapsed. Be wary of facing responsibility losses by retrofitting your apartment. You should not risk losing lives at the expense of having an insurance cover expecting that the insurance will compensate the losses caused by the earthquake to your property.
It saves you money
You can save money by having the retrofitting done before it becomes mandatory.
You buy earthquake insurance premiums at a lower cost
If you reinforce your soft-story building, expect lower seismic insurance premiums.
Save on interest
Apart from receiving lowered lower earthquake insurance premiums by properly reinforcing your building, the banks are likely also going to reduce the interest rates of the loans you are aspiring to apply.
Ease of marketing your apartment
You will be able to get more money on rentals by retrofitting your building than the one who has not reinforced their property.