Traditionally, building-level risk reduction measures aim to address the risk of a single hazard type, for instance, through building codes (Cutter et al., 2015; Daniell, 2015; Shreve & Kelman, 2014). However, many countries face the risk of multiple disasters (Cutter et al., 2015; De Ruiter et al., 2020). Floods and earthquakes are often the hazard types with the highest economic damages, especially in developing countries (Zorn, 2018), and their damages are likely to continue to increase in the future (Bilham, 2009; Cutter et al., 2015; Winsemius et al., 2016). The increase in the damages in the future is due to both a projected increase in the frequency of (climate-driven) hazards (in the case of floods), and also due to increasing exposure in vulnerable areas (Balica et al., 2015). This is expected to continue in the future, with projections estimating that the world's population will have doubled between 1950 and 2050, which requires the construction of an additional 1 billion housing units (Bilham, 2009). Moreover, social inequalities cause developing countries and the poor to suffer disproportionally from the impacts of natural hazards (