Although predictions indicate lower than normal storm activity this year, more than 6.5 million homes along the Atlantic and Gulf Coasts are at risk of storm surge inundation. That could lead to as much as $1.5 trillion in rebuilding costs, says a CoreLogic report out Thursday morning.
“This year’s season is projected to be slightly below normal in hurricane activity, but the early arrival of Hurricane Arthur on July 3 is an important reminder that even a low-category hurricane or strong tropical storm can create powerful riptides, modest flooding and cause significant destruction to property,” said Dr. Thomas Jeffery, senior hazard scientist for CoreLogic Spatial Solutions, in a press release.
CoreLogic looked at single-family residential structures in 19 coastal states as well as the District of Columbia, including mobile homes, duplexes, manufactured homes and cabins. The potential reconstruction costs takes into account labor and materials based on total destruction.
Here are the five states with the highest total number of properties at risk:
- Florida: 2.48 million properties at risk
- Louisiana: 738,165 properties at risk
- New York: 466,919 properties at risk
- New Jersey: 445,928 properties at risk
- Texas: 434,421 properties at risk
Florida also tops the list of five states with the highest value of reconstruction costs for at-risk homes:
- Florida: $490.40 billion in potential reconstruction costs
- New York: $182.47 billion in potential reconstruction costs
- Louisiana: $161.06 billion in potential reconstruction costs
- New Jersey: $134.19 billion in potential reconstruction costs
- Virginia: $92 billion in potential reconstruction costs
Total exposure varies significantly from state to state given differences in population, trends in residential development, geographic risk factors, length of coastline and other factors, noted CoreLogic.
For instance, Florida and Texas are both at high risk because of their extensive coastlines. Louisiana and New Jersey have smaller coastlines but have relatively low elevations – allowing storm surge inundation to extend farther inland and affect more homes.
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