Fewer homes are at risk of hurricane damage in 2017 than in the year before and the 30-year average, according to CoreLogic’s estimates.
CoreLogic, a global property information, analytics and data-enabled solutions provider, released its 2017 Storm Surge Report which shows 6.9 million homes on the Atlantic and Gulf coasts are at risk of hurricane damage.
The damage from potential storms could create total reconstruction costs of more than $1.5 trillion. The reconstruction value assumes 100% destruction and is based on the cost to completely rebuild a property, including labor and materials by geographic location.
To determine the number of storms 2017 will see, CoreLogic used data from the National Oceanic and Atmospheric Administration, which predicts 12 total storms, six of which will develop into hurricanes and three will be category three storms or higher.
“Despite the fact that this year’s hurricane season is predicted to have fewer storms than last year, it doesn’t mitigate the risk of storm surge damage,” said Tom Jeffery, CoreLogic senior hazard scientist. “As we’ve seen with past storms, even one single hurricane at a lower-level category can cause significant damage if it makes landfall in a highly populated area.”
The chart below shows the breakdown of which regions will likely be affected, and what the cost will be to repair the damage after the storms. Overall, the Atlantic Coast holds an estimated 3.9 million homes at risk of a storm surge, which would cost $970 billion in repairs. On the other end of the U.S., just under 3 million homes on the Gulf Coast are at risk, with $593 billion in potential damage.
Texas and Florida have the longest shorelines, and hold high rankings of homes at risk, CoreLogic’s report states. Florida holds the highest risk with 2.8 million at risk homes and Texas ranks third with 536,000 homes at risk.
