Key Highlights
- According to CoreLogic’s 2021 Hurricane Report, nearly 8M homes at risk of hurricane storm surge
- Over 31M homes at moderate or greater risk from hurricane winds
Tropical Cyclones Become Hurricanes Based on Sustained Winds
Major hurricanes, Category 3 or greater, are responsible for the majority of onshore damage to single-family and multi-family properties. Increasing climate change fury will only increase the number and severity of hurricane landfalls.
Take a look at the various hurricane categories:
- Category 1 – 74-95 mph winds; 4-5 ft. of storm surge
- Category 2 – 96-110 mph winds; 6-8 ft. of storm surge
- Category 3 – 111-130 mph winds; 9-12 ft. of storm surge
- Category 4 – 131-155 mph winds; 13-18 ft. of storm surge
- Category 5 – 156+mph winds; +18 ft. of storm surge
Hurricane Consequences
Common major hurricane property damages, according to CoreLogic, include:
- High waves and coastal surge flood and rip apart coastal properties
- Inland rains and high winds force water upstream which, in turn, flood inland properties by damaging interior walls, flooring, and contents inside single-family/multi-family homes
- High winds and wind-borne debris cause major damage to property roofs, windows and other exterior structures.
With high concentrations of people and property in coastal locations, South Florida, Houston TX and states along the Gulf of Mexico and Atlantic seaboard are at high risk of hurricane damages.
2021 Storm Surge Risk Numbers for Gulf & Atlantic Coasts
Category 3 storm surge risk numbers are cumulative and include Category 1 and Category 2 hurricanes.
The cumulative total of single-family homes that could be potentially affected by Categories 1, 2 and 3 storm surges is +4.4M. The total estimated property damages to single-family homes by Categories 1,2 and 3 storm surges is estimated at +$1.1B.
Likewise, cumulative data for Category 5 storm surge risk numbers include 1-5 categories of hurricanes.
The total number of single-family homes that could be affected by Categories 1 – 5 hurricanes is roughly 7.5M. This number exceeds 8M when adding the number of at-risk multi-family homes to single-family homes. The total estimated single-family property damages from Category 1, 2, 3, 4, and 5 hurricanes is +$1,829.84B. Factor in another $98.57 B of estimated multi-family property damages when hit by hurricane Categories 1, 2, 3, 4, and 5.
2021 Wind Risk Numbers for Gulf & Atlantic Coasts
More than 31M single-family homes could be affected by moderate, high, very high and extreme hurricane wind risk. Add another roughly 1M multi-family homes that could also be affected by hurricane wind risk
In terms of estimating potential property damages, CoreLogic points to over $8,081.11B in potential property damages to single-family homes plus another $413.47B in potential property damages to multi-family homes.
Top 15 Metros Areas Most-At-Risk for 2021 Storm Surges and Hurricane Winds
The top 15 metro áreas most-at-risk for 2021 storm surges and hurricane winds include:
- New York City
- Miami
- Boston
- Tampa FL
- Fort Myers FL
- New Orleans
- Jacksonville FL
- Savannah GA
- Virginia Beach VA
- Philadelphia
- Daytona Beach FL
- Bradenton FL
- Providence RI
- Baltimore
- Naples FL
Thanks to CoreLogic.
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