According to an analysis by CoreLogic, about 33 million U.S. homes with a combined reconstruction cost value of $11.6 trillion are at risk of hurricane-force winds.
CoreLogic released its 2023 Hurricane Risk Report to mark the start of the Atlantic Hurricane Season on June 1.
The global property information, analytics, and data-enabled solutions provider, said it identified more than 32 million single-family residences and 1 million multifamily residences are at moderate or more significant risk of sustaining damage from hurricane-force winds. Nearly 8 million homes, with a RCV of $2.6 trillion, have direct or indirect coastal exposure, making them susceptible to storm surge.
More than 4 million homes are in the New York City metropolitan area with combined RCV of $2.4 trillion are at risk. Other major metro areas with substantial hurricane wind risk are the Houston-Woodlands-Sugar Land and Miami-Ft. Lauderdale-Pompano Beach areas, with combined RCV of $649.8 billion and $585.0 billion, respectively, said CoreLogic.
Forecasters recently have called for an “average” hurricane season in the Atlantic. But “average” does not necessarily mean less risk or costs. The 2022 Atlantic hurricane season was close to average, with 14 named storms, eight hurricanes and two major hurricanes but one of those was Hurricane Ian – among the strongest hurricanes to ever make U.S. landfall. Ian was also one of the costliest hurricanes in history in terms of insured losses, causing an estimated $60 billion.
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