In a worst-case scenario, total reconstruction cost value is estimated to be more than $1.5 trillion
Almost 6.9 million homes lining the Atlantic and Gulf coasts are at risk from hurricane damage, according to CoreLogic.
In its 2017 Storm Surge Report, total reconstruction cost value (RCV) – “cost to completely rebuild a property in case of damage, including labor and materials by geographic location, assuming a worst-case scenario at 100% destruction” – was estimated to be more than $1.5 trillion.
Under a category 5 storm, 3.9 million homes along the Atlantic coast are at risk with an RCV of $970 billion, while 2.9 million homes along the Gulf coast are at risk with an RCV of $593 billion.
Storms this year are predicted to be fewer than last year and the 30-year average. The National Oceanic and Atmospheric Administration anticipates 12 storms – six of which could become hurricanes.
"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.”
Florida has six metro areas in the top 15 cities for storm-surge risk. Miami topped the list with 784,773 homes at risk and an RCV of $143 billion, followed by New York (723,183 homes; $ 264 billion RCV) and Tampa (459,275 homes; $81 billion RCV).
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In its 2017 Storm Surge Report, total reconstruction cost value (RCV) – “cost to completely rebuild a property in case of damage, including labor and materials by geographic location, assuming a worst-case scenario at 100% destruction” – was estimated to be more than $1.5 trillion.
Under a category 5 storm, 3.9 million homes along the Atlantic coast are at risk with an RCV of $970 billion, while 2.9 million homes along the Gulf coast are at risk with an RCV of $593 billion.
Storms this year are predicted to be fewer than last year and the 30-year average. The National Oceanic and Atmospheric Administration anticipates 12 storms – six of which could become hurricanes.
"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.”
Florida has six metro areas in the top 15 cities for storm-surge risk. Miami topped the list with 784,773 homes at risk and an RCV of $143 billion, followed by New York (723,183 homes; $ 264 billion RCV) and Tampa (459,275 homes; $81 billion RCV).
Related stories:
Mortgage deadline looms for Hurricane Sandy victims
Hurricane Matthew causes billions in property damage
