As hurricane season begins, CoreLogic takes a look at where homeowners will be at the highest risk by metro areas. According to CoreLogic, there are three main components to a hurricane: wind, precipitation and storm surge.
“Though wind is generally thought of as the primary contributor of hurricane losses, this is not always the case,” said Tom Jeffery, Principal, Insurance and Spatial Solutions, at CoreLogic. “Throughout history, damage from storm surge and inland flooding has shown it can far exceed damage from wind. Superstorm Sandy, for instance, caused unprecedented levels of storm surge in New Jersey and New York.”
CoreLogic’s data analyzes where homes will be at the most risk for damage from a storm surge. According to the data, Miami, Florida, tops the list of cities at risk for storm surge for single-family homes, followed by New York City and Tampa, Florida.
“Due to the concentration of residences in and around large metro areas, 15 [core-based statistical areas] account for 67.5% of the total number of homes at risk of storm surge in the United States. Additionally, the reconstruction cost value (RCV) for these 15 metro areas represents 68.9% of the total RCV for storm surge risk in the United States.”
The Impact of Disaster
A report from the Urban Institute notes that damage from natural disasters leaves a negative impact on homeownership long afterward, and that the negative effects of disasters persist, or even grow over time, for important financial outcomes.
Learn more about how to prepare for natural disasters at the 2019 inaugural Five Star Disaster Preparedness Symposium, July 31 at the Hotel Monteleone in New Orleans. The Symposium provides an opportunity for national leaders and executives to engage in critical conversations on diligence and preparedness, so the next time a natural disaster strikes, the industry will be ready to lend the proper support. Register for the Symposium here.