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EQ Insurance vs Seismic Retrofit

EQ Insurance vs Seismic Retrofit
 

Seismic Retrofit Los Angeles

Earthquake Insurance vs Seismic Retrofit

Los Angeles property owners that purchase commercial buildings in seismically active places often contemplate investing in a seismic retrofit versus investing in earthquake insurance.

For starters, a strategy utilizing both options will be the most beneficial for Los Angeles commercial property owners looking to be more proactive with their investment:

  1. Firstly, purchasing earthquake insurance coverage to get added protection from the affects of an earthquake is essential and can cost much less following a seismic retrofit.
  2. Secondly, seismic retrofitting a building to protect your assets before the next earthquake strikes offers the advantage of improved workplace safety, less company interruption, and lessened risk.

Los Angeles building owners purchase earthquake insurance to protect against the devastation of an earthquake. But these policies are limited in that they only provide assistance after an earthquake, which is definitely not the choicest time period to begin looking for help since most other businesses will be doing likewise at the same time.

So many commercial property owners are learning about the two-fold benefits of a seismic retrofit prior to the next Los Angeles earthquake rather than relying solely on earthquake insurance premiums that provide minimal protection after an earthquake happens.

Insurance businesses base earthquake insurance premiums on a building’s replacement value, not the range of devastation. Such premiums will often range from 5 to 6 figures annually.

As a consequence of their risk being lowered from a seismic retrofit, insurance firms are regularly known to reduce earthquake insurance policy premiums due to their liability being lessened. As such, commercial property owners can then allocate their insurance premium savings for seismic retrofit enhancements, and are generally able to get ROI on their earthquake retrofit in about 3 to 8 years with the added benefit of maintaining a stronger building through future earthquakes in Los Angeles.

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