Recent changes in seismic criteria have resulted in a perceived increase in seismic risk for many existing structures. Difficult seismic retrofit decisions may be required, involving considerations of risk, initial costs, and long-term consequences. This paper illustrates the application of an expected value decision model to seismic retrofit policies. The paper outlines the features of a logical model for choice of safety level, for alternative retrofits to a single structure, and for establishing priorities among a set of retrofit actions for one or a group of structures.Codes and standards constrain the range of possible actions; however, they are not well developed for retrofit of existing structures. It is therefore important to consider investments in safety through retrofits on the basis of present expected values, in a manner similar to insurance purchases. Consideration of the factors involved in such decisions, including seismic risk, cost of retrofit, and consequences of seismic events with and without the retrofit, will lead to improved information and better allocation of scarce retrofit funds. Key words: seismic risk, decision analysis, seismic retrofit.