The following post summarizes the recently published ASTM E3429-24: Standard Guide for Property Resilience Assessments and highlights the top five key points in the Significance and Use section:
- Voluntary Use and Target Users: The guide is intended for voluntary use by real estate investors, owners, operators, lenders, and insurers to understand natural hazards affecting a property, including hazards exacerbated by climate change.
- Application and Temporal Relevance: A Property Resilience Assessment (PRA) is only reliable for 12 months or until a significant hazard event or update to natural hazard resources occurs. Users must ensure the property conditions and considerations are not materially changed since the PRA was conducted.
- Types of Investigations: The guide outlines different stages of PRA (Stage 1 to Stage 3) and allows for assessments of single buildings, multiple buildings, or portfolios. It can be applied to existing buildings, planned developments, new constructions, and substantial renovations.
- Uncertainty and Scope: No assessment can eliminate uncertainty regarding property hazards. The guide emphasizes balancing the cost and time of gathering information with the need to reduce uncertainty. It is recommended to tailor the evaluation scope to each property type, age, and hazard.
- Use of Prior Information and Assessments: Prior PRAs can help stakeholders understand the property but must be verified with current assessments. Prior reports can be used if the analysis meets or exceeds current guide requirements and conditions do not materially change.
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(Source: www.astm.org/e3429-24.html)
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