More than 4.2 million U.S. homes are located within the risk-zone of hurricane-driven storm-surge along the Atlantic and Gulf Coasts, CoreLogic concluded in a study this week.
After analyzing residential property risk on the national, regional, state, metro and ZIP code level, CoreLogic ($26.430%) produced a Storm Surge Report, noting that $1.1 trillion in U.S. property is situated within at-risk areas.
Unfortunately, risk-prone areas are only increasing.
The Federal Emergency Management Agency released a revised flood map for New York suburbs, adding another 35,000 homes and businesses to the list of at-risk properties along the coast.
“Public awareness of the risk hurricane-driven storm surge poses to coastal homeowners has never been higher coming off the heels of Hurricane Sandy last fall,” said Dr. Howard Botts, vice president and director of database development for CoreLogic Spatial Solutions. “Sandy was a harsh reminder of the potential destruction associated with storm-surge flooding, and of just how many communities are vulnerable to that risk, in areas typically assumed to be relatively safe from hurricanes along the northeastern Atlantic shoreline.”
Of the $1.1 trillion in property at-risk, $658 billion is located in 10 major metro areas.
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