Oct 20, 2009 11:46 am US/Pacific
Is Quake Retrofitting Your House Worth The Cost?
Earthquaking Proofing Home Now is Cheaper than Repairing Damage Later
SAN FRANCISCO (CBS 5) ―
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Damage left by the 1989 Loma Prieta quake.
SF Chronicle
From the metal straps securing their chimney to the plywood sheerwalling in their basement, Chris and Karen Mead's home near the Hayward fault is the picture of earthquake preparedness.
The Meads also pay $2,700 a year for earthquake insurance.
"It's just an extra layer of security that we obviously hope we never have to take advantage of," said Chris Mead.
While a debate has been going on for years about whether earthquake insurance is worth it, it seems no one questions the value of retrofitting a home that was built before 1970, when more stringent building codes took effect.
"(Earthquake Retrofitting) is absolutely the sensible thing to do," said Dwight Jaffee, a professor at the Haas School of Business, who studies the cost of quakes.
Jaffee said homes that have been properly retrofitted survive quakes well.
"Most single family homes are wood framed, and they're very flexible in an earthquake. They'll teeter a bit, but unless there's some very bad features, and the proper precautions haven't been taken, they'll stand up just fine," according to Jaffee.
Retrofitting a home can range from $2,000 to $30,000. Though the average job usually costs about $4,500, according to the Association of Bay Area Governments. Permits are required by law, and usually cost $250.
Jeanne Perkins of ABAG said preparing your home now is a lot cheaper than repairing it after a quake.
"FEMA is not going to come in on a white horse in the days or weeks following a quake and somehow pay residents who had damaged buildings," Perkins said.
Perkins also advises homeowners not to wait. A major quake takes place on the Hayward fault approximately every 140 years. Right now, it's 9 months overdue.
"Don't freak out and use that disaster mentality to freeze and do nothing. It's more important to use that as motivation to step forward," Perkins said.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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