Homes in New York and Miami are likely to be most hit by hurricanes this season, according to CoreLogic.
As the country enters hurricane season from June 1 to the end of November, homes in New York and Miami are at the highest risk for property damage, according to a report released Wednesday from housing-research firm CoreLogic.
Overall, more than 33 million homes in America are at risk of suffering damage from hurricanes, according to the annual report from CoreLogic, which analyzed the impact of hurricanes, storm surges, and wind risk exposure, for single-family and multi-family homes along the Gulf and Atlantic coasts. “You have a concentration of risks,” Tom Larsen, CoreLogic’s principal for industry solutions, told MarketWatch. — Tom Larsen, CoreLogic’s principal for industry solutions In New York, there’s “an awful lot of value,” he explained. From a high population that’s concentrated in a small area, to a concentration of wealthy homes in one place, on top of coastal exposure, there’s a lot that makes New York vulnerable, Larsen said.
The total cost of reconstruction should a hurricane hit is high. CoreLogic expects the reconstruction cost value to be nearly $433 billion for homes suffering from storm surge damage, and more than $2.2 trillion for wind damage. If you’re a homeowner, given the hurricane risks, “make sure that you have adequate insurance,” Larsen stressed. “It’s a big, big financial expense,” if you are unable to move back into your home due to inadequate insurance, he said.
The percentage of homeowners who were at least three months behind payments in the town of Houma, La., jumped by 50%. Six months later, the serious delinquency rate was still above the state average.‘Particularly severe’ hurricane season ahead And if you thought 2021 was bad, brace for a tumultuous 2022, the report said.
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