Residential Real Estate News
31 Million U.S. Homes at Risk of Damage in New 2021 Hurricane Season
As today marks the beginning of the U.S. North Atlantic hurricane season, the National Oceanic and Atmospheric Administration (NOAA) has projected a total of 13-20 named storms, 6-10 hurricanes and 3-5 major hurricanes, defined as Category 3 and higher.
According to new research by CoreLogic, 31 million U.S. single-family homes (and almost 1 million more homes in multi-unit buildings) are at moderate or greater risk from the damaging winds of a hurricane in 2021.
Almost 8 million of these homes had direct or indirect coastal exposure and subsequent risk from coastal storm surge and damage from hurricanes.
For any one community, hurricane losses are severe and infrequent, and homeowners primarily rely on the availability of insurance proceeds to restore homes and support community resilience goals.
Damage from hurricane winds is generally insured for most homes, but flood insurance is not uniformly purchased by homeowners. Studies by CoreLogic have shown that up to 70% of the damages from flood to homes is uninsured.
