Hurricanes put $700 billion of U.S. residential property at risk

The threat of hurricanes, particularly storm surges, extends far beyond the Gulf Coast to heavily populated U.S. eastern seaboard states, creating a total property exposure of more than $700 billion, according to research firm CoreLogic.

The U.S.-based research firm recently released what it bills as the “first-ever property-level analysis” of residential property risk along the Atlantic and Gulf Coasts, broken down by region and individual state.

Total exposure along the Gulf Coast is nearly $200 billion, with just under 1.8 million homes at risk for potential storm-surge damage.

In the Atlantic Coast region, CoreLogic estimated there are approximately 2.2 million homes at risk, valued at more than $500 billion. It forecast property risk in the New York City area at $168 billion alone.

“Though more frequently impacted states like Florida, Texas and Louisiana get the most attention when it comes to hurricane vulnerability and destruction, Hurricane Irene made it very clear last summer that hurricane risk is not confined to the southern parts of the country,” said Dr. Howard Botts, vice president and director of database development for CoreLogic Spatial Solutions.

“That’s why we felt it was important this year to highlight storm-surge risk in a brand new way to establish a better understanding of exposure throughout the states that are most at risk of a direct hurricane hit.”