Report: Hurricane risk is moving inland
A report from CoreLogic shows more than 32 million U.S. residences are at risk of damage from hurricane-force winds.
The NOAA predicts the United States will see a pretty average hurricane season as far as the number of storms are concerned in 2023 – predicting 12-17 named storms, 5-9 hurricanes and 1-4 major hurricanes. However, climate change is shifting the impacts of these storms further inland, and it has led to an increase in the number of homes at risk of damage from hurricanes.
CoreLogic recently released their 2023 Hurricane Risk Report, which identified more than 32 million single-family residences and about 1 million multi-family residences that are at moderate or greater risk of damage from hurricane-force winds. These structures have a combined reconstruction cost value (RCV) of $11.6 trillion. Around 7.8 million of these homes have either direct or indirect coastal exposure, which leaves them vulnerable to flooding from storm surge.
Several metro areas are at high risk of damage from hurricane-force winds, as well. This includes the New York metro area (New York City, as well as Newark and Jersey City in New Jersey) in which CoreLogic reports there are over 4.3 million residences in danger with a combined RCV of $2.4 trillion. While this area is less likely to experience storm surge, a direct hit from a hurricane could put nearly 900,000 residences at risk of flooding.
The fact that this area is so densely populated with a high number of structures, the report explains, makes it “significantly more susceptible to irreversible damage from hurricanes” than lesser-populated coastal areas.
CoreLogic predicts an increase in the number of homes at risk of hurricane loss by 2050 as – among other climate-related factors – sea temperatures warm and provide more fuel for these storms to move inland.
The report states: “Interestingly, CoreLogic has found that the biggest increase in homes at risk of damage from hurricane-force winds are in the counties furthest from the coast. Historically, these homes have been protected from hurricane wind damage, as storms have typically dissipated before the most severe winds could reach these areas. However, by mid-century, homeowners may need to consider how to mitigate and recover from hurricane wind damage as storms travel further inland, exposing more homes to hurricane-force winds.”