More than 6.5 million homes along the U.S. Atlantic and Gulf coasts could be at risk of a storm surge from a hurricane, which could amount to nearly $1.5 trillion in potential reconstruction costs, according to the 2014 storm surge analysis conducted by CoreLogic.
The analysis estimates the number and reconstruction value of single-family homes that could be exposed to a potential hurricane-driven storm surge.
“This exposure could constitute significant risk for home owners and financial services companies, as many at-risk homes lack protection from insurance coverage,” CoreLogic’s report notes.
Florida has the highest number of homes at risk of storm surge damage, with nearly 2.5 million homes potentially in harms way, representing $490 billion in potential damages, according to the report. At the metro level, the New York metro area, which includes northern New Jersey and Long Island, contained the highest number of homes at risk for potential storm surge damage – 687,412 – as well as the highest reconstruction value at more than $251 billion.
The reconstruction value of homes exposed to storm surge damage was found to be much greater in the Atlantic region than the Gulf. The total reconstruction cost value of homes along the Atlantic coast is nearly $951 billion – nearly double the value of properties at-risk in the Gulf Region, at slightly over $545 billion, according to the report.
The CoreLogic analysis includes single-family homes, mobile homes, duplexes, manufactured homes and cabins. View the full report at CoreLogic.