Agents and owners along the Atlantic and Gulf coasts beware: the total reconstruction cost for homes susceptible to storm damage is pricey -- $1.5 trillion in 2016, according to a CoreLogic Storm Surge analysis. Reconstruction value (RCV) increased year-over-year, the report says, as did the number of households at risk, which now spans more than 6.8 million homes. However, the 2016 analysis illustrates a decrease in the most extreme category for number of homes at risk and the associated RCV. “Despite the overall increases in risk, we were glad to see that the number and value of homes in the most extreme and dangerous category actually declined,” Dr. Tom Jeffery, CoreLogic senior hazard risk scientist, said. “It just goes to show the power of how advanced data can improve risk assessment at the property level.” CoreLogic reviewed 19 states and Washington D.C., as well as 88 metro areas, along the Atlantic and Gulf Coasts. From there, homes were categorized int...
- Texas and Florida are considered high-risk states due to their lengthy coastlines.
- New York is a high risk state because of the population density along the coastline.
- Homeowners who don’t live in FEMA zones don’t always carry flood insurance, making them liable for damage costs not otherwise covered in their homeowners’ insurance package.
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