4.2M U.S. Homes at Risk of Storm-Surge Damage: CoreLogic

More than 4.2 million homes along the U.S. Atlantic and Gulf Coasts are located within storm-surge risk zones, totaling more than $1.1 trillion in property exposure, according to residential property information and analytics firm CoreLogic’s 2013 storm surge report.

“Public awareness of the risk hurricane-driven storm surge poses to coastal homeowners has never been higher coming off the heels of Hurricane Sandy last fall,” said Howard Botts, vice president and director of database development for CoreLogic spatial solutions.

“Sandy was a harsh reminder of the potential destruction associated with storm-surge flooding, and of just how many communities are vulnerable to that risk, in areas typically assumed to be relatively safe from hurricanes along the northeastern Atlantic shoreline,” Botts said.

Key highlights of this year’s analysis include:

• There are more than 4.2 million residential properties exposed to storm-surge risk valued at roughly $1.147 trillion, with more than $658 billion of that risk concentrated in 10 major metro areas.
• Florida tops the state rankings with 1,478,858 properties at risk and $386.48 billion in total potential exposure to damage.
• Louisiana ranks second in total properties at risk with just over 411,052 homes in storm-surge zones. New York ranks second in total value of coastal properties exposed at nearly $135 billion.
• At the local level, the New York metropolitan area, which encompasses northern New Jersey and Long Island as well, contains not only the highest number of homes at risk for potential storm-surge damage (at 447,428), but also the highest total value of residential property exposed, at $205.7 billion.

Looking specifically at Northeastern states: New Jersey has 350,577 properties at risk and $118.8 billion in total potential exposure to damage; Virginia has 329,234 properties at risk, with $78.0 billion in total potential exposure to damage; New York State has 270,458 properties at risk and $134.98 billion in total value of coastal properties exposed; Massachusetts has 107,657 properties at risk, valued at $50.28 billion; and Maryland has 75,262 properties at risk, valued at $22.4 billion.

Additionally, Connecticut has 53,614 properties at risk, valued at $35.0 billion; Delaware has 42,178 properties at risk, at $15.9 billion; and Pennsylvania has 20,198 properties at risk, at $2.6 billion.

CoreLogic also found Rhode Island has 16,722 homes at risk, valued at $7.2 billion; Maine has 10,535 properties at risk, at $3.1 billion; New Hampshire has 5,854 properties at risk, at $2.7 billion; and District of Columbia has 247 properties at risk, valued at $56 million.

Topics USA New York Windstorm Homeowners