Nearly 7.8M homes at risk of hurricane damages: report
The Atlantic hurricane season is forecast to be above normal
Nearly 7.8 million homes with more than $2.3 trillion in combined reconstruction cost value (RCV) are at risk of hurricane-related damages during this Atlantic season, CoreLogic's 2022 Hurricane Report says.
In evaluating the storm surge and hurricane wind risk levels for both single-family and multifamily residences along the Gulf and Atlantic Coasts this season, the corporation said that 33 million homes with nearly $10.5 trillion in combined RCV are at risk of wind and flooding-related destruction.
More than 31 million single-family homes were at moderate or greater risk and over 7.5 million of the homes had direct or indirect coastal exposures and subsequent risk from coastal storm surge and damage from hurricanes.
At the metropolitan level, New York City has the greatest risk, with nearly 900,000 homes with more than $432 billion in RCV at risk of storm surge damage and more than four million homes with more than $2.2 trillion in RCV at risk of wind damage.
Houses and businesses are seen damaged in the aftermath of Hurricane Ida as the Category 4 hurricane devastated the town and barrier island of Grand Isle, Louisiana, Sept. 2, 2021. (REUTERS/Adrees Latif)
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At the state level, three Gulf Coast states have the greatest number of homes at risk of storm surge damage.
Florida has nearly three million, Louisiana has close to 911,000 and Texas has more than 542,000 homes at risk, respectively.
The Lone Star State leads for hurricane wind risk, with more than 8.8 million homes.
Damage from Hurricane Ida is seen in Houma, Louisiana, Sept. 22, 2021. (REUTERS/Liz Hampton / Reuters)
Hurricane season occurs from June through November.
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The forecast from the National Oceanic and Atmospheric Administration (NOAA) predicts anywhere from six to 10 hurricanes and three to six major hurricanes.
There is a 65% chance of an above-normal season.
Damage from flooding during the aftermath of Hurricane Ida is still being cleaned up in Queens, during a Nor'easter in New York, Oct. 26, 2021. (REUTERS/Caitlin Ochs)
CoreLogic said that climate change-spurred sea-level rise, stronger winds, higher rainfall rates and increasing hurricane frequency have exacerbated the risk of coastal and inland flooding and increased the risk of structural damage.
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"Stronger hurricane seasons mean property losses will continue to mount," it said. "The insurance industry will see increased financial implications because wind damages are covered by standard homeowners' insurance policies."