{"id":154072,"date":"2023-06-17T12:39:08","date_gmt":"2023-06-17T18:39:08","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=154072"},"modified":"2024-02-27T11:26:25","modified_gmt":"2024-02-27T18:26:25","slug":"hurricane-risk-2023","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/hurricane-risk-2023","title":{"rendered":"Over 32 Million Homes Are at Risk of Hurricane Damage This Year According to CoreLogic&#8217;s Latest Report"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC8269719705\" width=\"100%\"><\/iframe>\r\n  \n\n\n\n\n<p><span data-preserver-spaces=\"true\">We\u2019ve officially entered hurricane season. While the National Oceanic and Atmospheric Administration says there\u2019s a good chance it will be a \u201cnear-normal\u201d one for both the Pacific and Atlantic coasts, that\u2019s not exactly comforting for property owners, especially given recent numbers.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">In the last three years, 13 hurricanes have made landfall in the U.S. One of those was Hurricane Ida\u2014the second-most damaging storm the country\u2019s ever seen. According to the Insurance Information Institute, Ida racked up an estimated $36 billion in insured losses, behind only Hurricane Katrina in 2005.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">It\u2019s storms like these\u2014and the risk of more of them down the road\u2014that has spurred an&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/this-is-the-hardest-property-insurance-market-ever-whats-forcing-carriers-to-pull-out-in-droves\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">uptick in property insurance premiums<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;nationwide.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Will 2023 bring more of that costly risk? Here\u2019s what&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.corelogic.com\/press-releases\/corelogic-report-nearly-33-million-and-7-8-million-u-s-properties-at-risk-of-hurricane-force-wind-and-storm-surge-damage-respectively\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">CoreLogic\u2019s recent hurricane report<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;tells us.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Over 32 Million Homes at Risk<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">CoreLogic\u2019s report has some sobering numbers. According to the analysis, a whopping 32 million single-family residences have a \u201cmoderate or greater\u201d risk of damage from hurricane-force winds, amounting to $11.6 trillion in potential reconstruction costs.<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"907\" height=\"528\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-17-at-2.35.01-PM.jpg\" alt=\"Hurricane Wind Risk Level Relative to Reconstruction Value - CoreLogic\" class=\"wp-image-154084\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-17-at-2.35.01-PM.jpg 907w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-17-at-2.35.01-PM-300x175.jpg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-17-at-2.35.01-PM-768x447.jpg 768w\" sizes=\"auto, (max-width: 907px) 100vw, 907px\" \/><figcaption class=\"wp-element-caption\"><em>Hurricane Wind Risk Level Relative to Reconstruction Value &#8211; <a href=\"https:\/\/www.corelogic.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">CoreLogic<\/a><\/em><\/figcaption><\/figure>\n\n\n\n<p><span data-preserver-spaces=\"true\">Another almost 8 million single-family properties are at risk of storm surge flooding. The potential costs there add up to $2.6 trillion.<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"907\" height=\"509\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-17-at-2.35.11-PM.jpg\" alt=\"Storm Surge Saffir-Simpson Category Relative to Reconstruction Value - CoreLogic\" class=\"wp-image-154085\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-17-at-2.35.11-PM.jpg 907w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-17-at-2.35.11-PM-300x168.jpg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-17-at-2.35.11-PM-768x431.jpg 768w\" sizes=\"auto, (max-width: 907px) 100vw, 907px\" \/><figcaption class=\"wp-element-caption\"><em>Storm Surge Saffir-Simpson Category Relative to Reconstruction Value &#8211; CoreLogic<\/em><\/figcaption><\/figure>\n\n\n\n<p><span data-preserver-spaces=\"true\">If you look at multifamily residences, there are nearly 1 million properties at risk for wind damage and 261,000 for storm surge flooding.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">What Markets Are Most at Risk?<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Potential property risks vary widely by location. Most at-risk, according to CoreLogic, is the New York City-Newark-Jersey City metro, where 8 million single-family residences could sustain wind damage. The metro also takes the number one spot for possible storm surge flooding, with almost 800,000 single-family residences at risk.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">\u201cWhile hurricanes are more likely to land in South Florida or along the Gulf Coast than in the U.S. Northeast, the New York metro area includes more exposed homes based on proximity to<\/span> <span data-preserver-spaces=\"true\">the coast and population density,\u201d the report reads. \u201cThe damage would be catastrophic to the New York City metro area if a major hurricane were to make landfall, like Superstorm Sandy in 2012.\u201d&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Hurricane Sandy was the third-most damaging hurricane of all time, behind Ida and Katrina. According to the Insurance Information Institute, it led to over $35 billion in insured losses.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Here\u2019s the full list of the most at-risk metros for single-family hurricane wind damage:<\/span><\/p>\n\n\n\n<figure class=\"wp-block-table is-style-regular\"><table><thead><tr><th>Metro<\/th><th>Number of Homes at Risk<\/th><\/tr><\/thead><tbody><tr><td>New York-Newark-Jersey City<\/td><td>3,825,243<\/td><\/tr><tr><td>Houston-The Woodlands-Sugar Land<\/td><td>2,085,879<\/td><\/tr><tr><td>Miami-Fort Lauderdale-Pompano Beach<\/td><td>2,018,040<\/td><\/tr><tr><td>Philadelphia-Camden-Wilmington<\/td><td>1,927,600<\/td><\/tr><tr><td>Washington, D.C.-Arlington-Alexandria<\/td><td>1,766,435<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>And for single-family storm surge flooding:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-regular\"><table><thead><tr><th>Metro<\/th><th>Number of Homes at Risk<\/th><\/tr><\/thead><tbody><tr><td>New York-Newark-Jersey City<\/td><td>788,261<\/td><\/tr><tr><td>Miami-Fort Lauderdale-Pompano Beach<\/td><td>746,602<\/td><\/tr><tr><td>Tampa-St. Petersburg-Clearwater<\/td><td>540,411<\/td><\/tr><tr><td>New Orleans-Metairie<\/td><td>405,975<\/td><\/tr><tr><td>Virginia Beach-Norfolk-Newport News<\/td><td>399,326<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><span data-preserver-spaces=\"true\">In the multifamily space, New York, Miami, Boston, Tampa, and Cape Coral, Florida, have the biggest risk of flooding, while New York, Washington, D.C., Boston, Miami, and Philadelphia have the biggest wind risk.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">What it Means For You<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">If you have investments in any of these higher-risk regions, it doesn\u2019t just mean potential property damage. Insurers are actually \u201cpulling out in droves\u201d in some areas, according to insurance provider Steadily, so it could make renewing your insurance policies a challenge.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">\u201cThe entire state of Florida is a tough place when it comes to insurance,\u201d&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/this-is-the-hardest-property-insurance-market-ever-whats-forcing-carriers-to-pull-out-in-droves\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">wrote Datha Santomieri<\/span><\/a><span data-preserver-spaces=\"true\">, co-founder and vice president of insurance at Steadily. \u201cFourteen insurance companies are currently in liquidation, and most of those went belly up in the last year.\u201d<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">If you are able to renew your policy or find insurance in a high-risk area, expect higher premiums\u2014potentially much higher. According to III, Florida property owners can expect insurance premiums to jump 40% or more this year.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">\u201cIf you\u2019re in one of these tough geographic areas and you have an insurance company willing to offer you a renewal, you might want to consider settling in for the ride even if your premiums are going up,\u201d Santomieri says. \u201cIt\u2019s going to be tough for a while.\u201d<\/span><\/p>\n\n\n\n    \n  <div id=\"visibility-group-block_39c1b4e675be4f8618a78ad7a558f238\" class=\"visibility-group  hidden\">\n        \n\n<div id=\"hero-block_acf4d7f2a4bf5310e1768dbe6ae1b491\" class=\"first:mt-0 hero-block py-4  alignwide   has-background has-theme-gold-light-background-color has-text-color has-theme-gold-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-theme-gold-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Get the Best Loan Today<\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:16px\">Find trusted, <em><strong>investor-friendly<\/strong><\/em> lenders who specialize in your strategy. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<div id=button-custom-event-block_022f10bddd93e8b4eb9b7fce80bc3327 class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/business\/finder\/lenders\" x-on:click=\"window.analytics.track(&#039;Blog Block | B2C Marketplace Lender Finder&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/hurricane-risk-2023&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-gold-background-color has-text-color has-white-color\" target=\"_blank\">Find a Lender<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\" first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/Marketplace-Blog-Blocks-Lender-v3.png\" alt=\"investor friendly lender, investor friendly real estate loans\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>\n\n  <\/div>\n  \n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n    \n  <div id=\"visibility-group-block_64dd31c79f00f\" class=\"visibility-group  \">\n        \n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div id=\"hero-block_64dd2875dba9d\" class=\"first:mt-0 hero-block py-4    has-background has-slate-100-background-color has-text-color has-theme-slate-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<h3 class=\"wp-block-heading my-0 tracking-tight font-extrabold has-theme-slate-dark-color has-text-color has-large-font-size\">Join the community<\/h3>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color\" style=\"font-size:16px;font-style:normal;font-weight:400\">Ready to succeed in real estate investing? Create a free BiggerPockets account to learn about investment strategies; ask questions and get answers from our community of +2 million members; connect with investor-friendly agents; and so much more. <\/p>\n\n\n\n<div id=button-custom-event-block_64dd2888dba9e class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/signup\" x-on:click=\"window.analytics.track(&#039;Blog Block | Acquisition | Free Membership Signup&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/hurricane-risk-2023&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Sign Up<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n            <\/div>\n<\/div>\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n  <\/div>\n  <\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CoreLogic&#8217;s annual hurricane risk report came out recently, providing some dire news about homes in at-risk areas. Are your properties in the crosshairs? <\/p>\n","protected":false},"author":613679,"featured_media":154076,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8,7119],"tags":[],"class_list":["post-154072","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-trends","category-biggerpockets-daily"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/154072","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/613679"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=154072"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/154072\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/154076"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=154072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=154072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=154072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}