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Wednesday, July 12, 2023 7:12:32 PM
More than 60% or 70% of the value of homes in California are the land value, so in a disaster home owners are risking maybe 1/3 of their home value.
Further you can't obtain bank financing for a California home: (1.) without a solid foundation, or (2.) for a home that has not been retrofitted with the home bolted to the foundation. - https://www.earthquakecountry.org/step4/notbolted/
This change happened some time after the 1994 Northridge earthquake. A home can't even be sold without foundation bolting, except for estate sales and foreclosures.
If you have a wood building bolted to a solid poured foundation, which is not built in a liquefaction zone, earthquake damage will usually be pretty minimal. Lenders in California don't require earthquake insurance for homes with bolted foundations because land value will pretty much see them right if the home owner walks away from the loan.
In most parts of California residential structures made of masonry or brick had to be retrofitted with steel girders and trusses. In Los Angeles commercial structures have been retrofitted as well. But the point of this retrofitting is to allow occupants to walk away without injury - any masonry or brick building will likely be red-tagged after an earthquake. Earthquake insurance may not even be available for brick buildings. After the change in laws, things like brick apartment buildings lost most of their market value. https://www.kake.com/story/41572896/seismic-retrofit-vs-remodel-7-things-to-consider
Earth movement not related to earthquakes is the primary risk in California for any home with "a view" and even some without a view. Home owners policies don't cover earth movement of any type, unless this is specifically added to the coverage, so homes like the ones in Rolling Hills sliding into the canyon due to earth movement are not covered by earthquake insurance nor by their homeowner's insurance unless an earth movement rider was added.
A steel retrofit for a masonry parking structure
Further you can't obtain bank financing for a California home: (1.) without a solid foundation, or (2.) for a home that has not been retrofitted with the home bolted to the foundation. - https://www.earthquakecountry.org/step4/notbolted/
This change happened some time after the 1994 Northridge earthquake. A home can't even be sold without foundation bolting, except for estate sales and foreclosures.
If you have a wood building bolted to a solid poured foundation, which is not built in a liquefaction zone, earthquake damage will usually be pretty minimal. Lenders in California don't require earthquake insurance for homes with bolted foundations because land value will pretty much see them right if the home owner walks away from the loan.
In most parts of California residential structures made of masonry or brick had to be retrofitted with steel girders and trusses. In Los Angeles commercial structures have been retrofitted as well. But the point of this retrofitting is to allow occupants to walk away without injury - any masonry or brick building will likely be red-tagged after an earthquake. Earthquake insurance may not even be available for brick buildings. After the change in laws, things like brick apartment buildings lost most of their market value. https://www.kake.com/story/41572896/seismic-retrofit-vs-remodel-7-things-to-consider
Earth movement not related to earthquakes is the primary risk in California for any home with "a view" and even some without a view. Home owners policies don't cover earth movement of any type, unless this is specifically added to the coverage, so homes like the ones in Rolling Hills sliding into the canyon due to earth movement are not covered by earthquake insurance nor by their homeowner's insurance unless an earth movement rider was added.
A steel retrofit for a masonry parking structure
We've run out of other people's Social Security taxes needed to subsidize our low income tax rates.
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