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Home | News | Market Studies | Analysis Finds 4.2M Homes at Risk of Storm Surge Damage
Hudson & Marshall
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Analysis Finds 4.2M Homes at Risk of Storm Surge Damage

Over 4.2 million single-family residential properties across 19 states are at risk of encountering hurricane-driven storm surge damage, according to ""CoreLogic's latest storm surge report"":http://www.corelogic.com/about-us/researchtrends/storm-surge-report.aspx?WT.mc_id=prnw_130531_9DvSg#.UajhEkDvtH0.

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The data provider explained storm surge ""occurs when water is pushed toward the shore through the force of powerful winds associated with cyclonic storms.""

In a worst-case scenario situation, CoreLogic's analysis also found risk for property damage is valued at $1.1 trillion. Worst-case scenario situations include maximum wind speed and peak high tide at the time of landfall.

While it is important to acknowledge the cost of damage in an extreme situation, the data provider stated, ""[t]here is no likelihood that a single storm, or even a single storm season, would damage or destroy every home in the U.S. located in a designated risk zone.""

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Out of the over 4 million properties at risk, CoreLogic reported more than 976,000 of the homes are in an ""extreme risk"" zone, meaning they are at risk for damage from a hurricane of any category. These properties tend to be situated more closely along coastlines and sit at the lowest elevation levels.

Close to 881,000 properties fall into the ""very high"" risk category since they face potential damage from Category 2-5 hurricanes, while the largest share of properties--over 1 million--are at risk of being exposed to flooding from Category 3-5 hurricanes.

Over half a million properties are in the low risk zone and would only be vulnerable if a Category 5 hurricane were to strike. So far, only three Category 5 hurricanes have made landfall in the United States.

Among the at-risk states, Florida has the most homes at risk of storm-surge damage, at 1.47 billion. According to CoreLogic, the total potential exposure could cost up to $368.4 billion.

Louisiana was second, with 411,052 properties at risk for storm damage. Texas, New Jersey, and Virginia were also in the top five, where estimates for the number of properties exposed to potential damage ranged from 329,000 to 369,000.

On a metro area level, CoreLogic found New York bears the highest financial exposure. A total of 447,428 properties could be affected by hurricane damage in the area, and the damage could cost $205 billion. Miami faces over $100 billion in damages, with 239,910 properties at risk of exposure to damage. A handful of other Florida cities were in the top 10 for financial exposure, including Tampa, Cape Coral, Naples, and Brandenton.

Hudson & Marshall

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