Own An Apartment Complex? Why You Need To Invest In Soft-Story Retrofitting

If you own a soft-story apartment complex in a region of the US that's susceptible to earthquakes, now's the time to retrofit your property. If you're not sure what a soft-story structure is, consider the way your apartment complex was built. If the first floor of your apartment complex is an open floor plan, and the floors above aren't, chances are good that you have a soft-story apartment complex. This is especially true if you have a parking structure under your apartment complex. If that's the case, you need to invest in a soft-story retrofit. Without retrofitting, your apartment complex could experience catastrophic damage during an earthquake. Here are just four of the reasons to schedule a local soft-story retrofit immediately. 

Save Money on Your Insurance

If you haven't retrofitted your soft-story apartment complex yet, chances are good that you're paying more than you should for your insurance. Many insurance companies charge more for this type of coverage, especially due to the increased risk of collapse. Not to mention the increased risk for personal injuries following an earthquake. One of the main benefits of investing in a soft-story retrofit is that you'll save money on your insurance once the project is completed. 

Ensure Safer Structures

When you own a soft-story apartment complex, you owe it to your tenants to maintain a safe environment. One way to ensure that is to have your apartment retrofitted against earthquake damage. One of the problems with soft-story apartment complexes is that they may lose structural stability during an earthquake. Unfortunately, if that happens, the complex could collapse around your tenants. To reduce the risk to your tenants, be sure to have your apartment retrofitted before the next big earthquake. 

Avoid Costly Penalties

If you own an apartment complex in a state that's currently requiring retrofitting, now be the best time to talk to a contractor. Many states now require that soft-story buildings be retrofitted to withstand earthquake damage. Failure to do so could result in hefty penalties and fines. To avoid those penalties, invest in soft story retrofitting in a timely manner. 

Beat the Rush

Finally, if you've received notification that your building must be retrofitted against earthquake damage, don't delay the repairs. There are probably many other property owners who have received the same notice. That means that contractors are going to be busy. Luckily, you can avoid construction delays by starting the project right away.