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In 2024, nearly 33 million homes in the U.S. are at risk of potential hurricane damage, underscoring the ongoing vulnerability of coastal and inland areas to severe weather events.
The estimated total reconstruction cost for these properties amounts to $10.8 trillion.
Boston Brand Media discovered that coreLogic's recently released 2024 Hurricane Risk Report underscores the vulnerability of over 32.7 million residential properties spanning from Texas to Maine to moderate or severe damage from hurricane-force winds. The estimated total reconstruction cost for these properties stands at a staggering $10.8 trillion. Importantly, not all homes are expected to incur total loss in the event of a hurricane.
Boston Brand Media looked into the forecast for the 2024 hurricane season predicts heightened activity, driven by anticipated La Niña conditions in the Pacific Ocean. These conditions typically reduce vertical wind shear in the Atlantic, coupled with record-high sea surface temperatures, significantly enhancing hurricane formation.
Maiclaire Bolton Smith, CoreLogic's vice president of hazard and risk management, emphasized the pivotal role of insurance in fostering resilience within communities. Quantifying risk aids insurers in making informed decisions crucial for navigating the evolving hurricane landscape. As the season approaches, Bolton Smith advises insurers and homeowners alike to proactively prepare and mitigate potential risks.
While national data provides broad insights, the report spotlights three major metropolitan areas—New York, Houston, and Miami—to illustrate localized risks. These densely populated regions must undertake strategic planning due to the severe implications of a direct hurricane strike. Specifically, the New York metro area faces risk to more than 3.7 million residential properties, while Houston and Miami each have over 2 million properties at risk. Given their large populations and extensive infrastructure, hurricane-related damages in these urban centres could lead to significant disruptions.
For questions or comments write to writers@bostonbrandmedia.com
Source: The World Property Journal
