Residential Real Estate News
10 Percent of All U.S. Homes Impacted by Natural Disasters in 2021
According to CoreLogic's latest 2021 Climate Change Catastrophe Report, over 14.5 million U.S. homes, or about 1 in 10 U.S. residential properties, were impacted by hurricane, wildfire, winter storm or severe weather in 2021.
Wildfires
According to CoreLogic's report, there was $1.46 billion of property damage was caused from wildfires, impacting over 4,100 properties in 2021.
Between long-duration dry conditions and extreme heat, the number of wildfires each year is increasing -- and 2021 was no exception. The Dixie Fire became the second largest wildfire in California history, scorching nearly one million acres and over 1,200 structures in its path. Surrounding homes were impacted and continue to recover from severe smoke and ash damage.
Severe Weather
In 2021, severe weather accounted for $7.46 billion in U.S. property damage.
Every year, hundreds of tornadoes, hailstorms and straight-line wind events occur across the U.S. While late in the year for severe storm losses, the Midwest tornado outbreak on December 10 and 11, 2021 was the deadliest December outbreak on record.
Hurricanes
Hurricanes caused $33 billion of property damage in 2021 impacting 1,233,000 homes.
With climate change affecting the ocean's temperatures, tropical cyclone activity is expected to become more frequent and destructive. When Hurricane Ida made landfall on the 16th anniversary of Hurricane Katrina, many Louisiana residents anticipated the worst. In reality, Ida proved that at least two things had changed since Katrina -- the levees held and the flood insurance gap had narrowed. Once the storm moved into the Northeastern U.S., the floods were notable in severity for a Gulf Coast hurricane.
Winter Storms
Strong winter storms in 2021 caused $15 billion of property damage that impacted over 12,300,000 homes in total.
Wall and ceiling insulation, higher window standards and the minimization of pipe exposure through insulation and reduction of piping in exterior walls, are all factors for producing more resilient homes. To their detriment, not all homes in the affected region of the 2021 Central U.S. freeze met these guidelines.
