Safeguarding Investments: Why Property Resilience Assessments Matter

Our changing climate is more than just a scientific trend; it's a reality affecting people and places we care about. Extreme weather events like hurricanes, floods, and wildfires are no longer distant threats but immediate challenges reshaping our world. The real estate industry, a cornerstone of our communities, is directly in the path of this growing crisis.

?As homes, businesses, and neighborhoods face rising risks, investors, building owners, developers, architects, engineers, and contractors who service the properties are navigating new challenges. Property Resilience Assessments (PRAs) have become essential to protect what matters most.

?A PRA is a detailed evaluation that identifies a property's vulnerability to natural hazards and climate-related hazards and suggests ways to enhance its resilience. Understanding these risks helps protect investments, strengthen communities, and work towards a more sustainable future.

?ASTM is poised to release a new guide for Property Resilience Assessment that will outline a standardized three-stage process for conducting PRAs for physical assets. The first stage includes a hazard screening to identify which hazard types (e.g., flood, hurricane, earthquake) present the greatest risk in the area where an asset is located. The second stage is focused on assessing the vulnerability of an asset and its occupants based on its unique exposure and sensitivity to the identified high-risk hazards. In the third stage, hazard-specific experts outline and prioritize potential resilience measures to reduce vulnerability to hazard risks.??

?Recent events highlight the urgency of addressing this issue. The insurance industry is tightening its stance on coverage due to increasing climate-related losses, making insurance more expensive and less accessible for many property owners. Meanwhile, investors are paying closer attention to climate-related risks, favoring properties with strong resilience features. Governments around the world are also implementing stricter building codes and regulations to tackle climate challenges.

?What Does Building Resilience Mean?

?Resilience goes beyond simply enduring challenges. It's the ability to withstand disruptive events and bounce back quickly. When applied to our built environment – buildings, infrastructure, and cities – resilience encompasses three main principles:

• Safety First: A resilient building prioritizes the safety of its occupants during and after a disruptive event, such as a natural disaster or power outage.
• Minimize Damage: The building's design and construction should limit damage sustained during an event. This allows for quicker and less costly repairs and a faster return to normal use.
• Rebound Quickly: Resilient buildings are designed to support the continuity of operations. Even in the face of significant disruptions, such as power outages, the goal is to resume normal activities as soon as possible. This is especially important for institutions like schools and workplaces to minimize economic and service disruptions.

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Intertek: Your Partner in Building Resilience

Intertek is dedicated to helping clients enhance their buildings' resilience. We offer a comprehensive suite of services designed to address your specific needs:

• Property Resilience Assessments (PRAs): Intertek's comprehensive PRAs evaluate your building's vulnerability to natural hazards and climate risks. We then provide you with a customized plan specifically for your property that outlines steps you can take to address weaknesses and make your building more resilient.
• Climate-Related Risks: Our experts identify potential climate-related threats to your building and develop strategies to mitigate risks.
• Resilient Building Solutions: Intertek helps you incorporate resilience into new construction or renovations through guidelines, standards, and consulting services.
• Building Improvement: Our team offers expert advice on capital improvements, retrofits, and repairs to strengthen your building's resilience.

By partnering with Intertek, you'll gain the knowledge and tools to protect your property and build a more sustainable future.

To learn more, click here.

To watch our latest Assurance in Action video featuring Alan Scott, FAIA, LEED Fellow , Intertek's Director of Sustainability, on healthy buildings and the crucial intersection of design, construction, and environmental responsibility, click here.