a large building that has been torn down Key takeaway: A structural integrity reserve study (SIRS) is a non-invasive, visual inspection of critical infrastructure that relates to the safety of a building. Washington’s Condominium Act does not require structural or engineering inspections currently but its very possible that with Florida changing its requirements after the Surfside Condominium collapse that could change.  However Fannie May and Freddie Mac updated their lending guidelines and want to see a reserve study, maintenance plan or an engineering structural integrity inspection.
Because structural integrity reserve  studies are new to the industry, there are no standards as to what is included in the study.

Does our current reserve study fulfill the requirements of a structural integrity reserve study?

It is likely your existing reserve study does  not including any engineering review. Typically the Level 1 and Level 2 reserve studies are visual only inspections focusing on condition and replacement value. A structural integrity reserve  study goes a level beyond to closely examine the structure. Pacific Crest’s reserve specialists have experience as licensed inspectors in Washington state. We have experience examining the foundation and buildings structure of low rise multi-family units. We will provide a separate detailed report on request.

10 Elements That Make Up SIRS

  1. Roof
  2. Floor
  3. Load Bearing Walls
  4. Fireproofing & Fire Safety
  5. Exterior Painting & Water Proofing
  6. Plumbing
  7. Electrical Systems
  8. Foundation
  9. Windows
  10. Other elements over $10,000 that have an impact on the structural integrity of the building

Does an association need one in Washington State?

Currently Washington state does not require them but in our opinion it will be the lenders or the insurance companies that will drive this requirement in the future. Lenders are risk aversive and with the issues going on with condo association buildings in Florida its only a matter of time before the requirements become nationwide. If wildfires continue to burn like they have in California, Nevada and Colorado expect insurance companies to scrutinize association that are in the urban interface for fire risks.