More Than 33 Million US Properties At Risk Of Hurricane-force Wind Damage: CoreLogic
More than 33 million homes and businesses in the United States are vulnerable to hurricane-force winds in 2023, as the Atlantic Hurricane Season begins.
Over 32 million single-family homes (SFRs) and an additional 1 million multifamily homes (MFRs) are at moderate, or more significant risk of sustaining damage from hurricane-force winds, according to the 2023 Hurricane Risk Report from leading analytics and data-enabled solutions provider CoreLogic.
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Reconstruction cost value (RCV) estimates put the total amount needed to fix all of this damage at $11.6 trillion.
Direct or indirect coastal exposure makes over 7.8 million houses, with a total RCV of $2.6 trillion, vulnerable to storm surge flooding.
More Than 33 Million US Properties At Risk Of Hurricane-force Wind Damage: CoreLogic
Elsewhere, CoreLogic has also discovered that a major amount of US metros are at greater risk for hurricane damage, with more than 4.3 million SFRs and MFRs in the New York City metro area being at risk of hurricane-force winds.
The cumulative RCV of these properties in New York City, Newark, and Jersey City is $2.4 trillion. The Houston-Woodlands-Sugar Land and Miami-Ft. Lauderdale-Pompano Beach metropolitan areas also face significant hurricane wind risk, with 2.1 million SFRs and MFRs and a total RCV of $649.8 and $585.0 billion, respectively.
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“CoreLogic remains committed to empowering the industry with reliable insights and innovative solutions that help safeguard people, businesses, and communities from the escalating impacts of climate change,” said Tom Larsen, Senior Director for CoreLogic Insurance Solutions.
To remain resilient in the face of these shifts, insurers and lenders must broaden their knowledge of property risk, adopt pro-active loss prevention strategies, and work together with industry stakeholders.
More Than 33 Million US Properties At Risk Of Hurricane-force Wind Damage: CoreLogic
Using its property database and suite of climate change models, CoreLogic has also analyzed historical data, climatic patterns, and predictive models to project the possible impacts of storms on coastal and adjacent regions by mid-century.
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There is a lot of evidence to imply that by the year 2050, hurricanes will be able to store more moisture due to stronger storms, higher sea levels, and warmer air temperatures.
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