Residential Real Estate News
Almost 33 Million U.S. Homes at Risk of Potential Hurricane Damage in 2024
Total reconstruction cost for these properties is estimated at $10.8 trillion
Based on CoreLogic's recently released 2024 Hurricane Risk Report, over 32.7 million residential properties from Texas to Maine are at risk of moderate or severe damage from hurricane-force winds. The total reconstruction cost for these properties is estimated at $10.8 trillion. It's important to note that not all homes will experience total loss in the event of a hurricane.
The 2024 hurricane season is expected to be active, with La Niña conditions anticipated to return to the Pacific Ocean. This will decrease vertical wind shear in the Atlantic Ocean, combined with record-high sea surface temperatures, contributing significantly to hurricane activity.
"Insurance remains one of the most important tools for a resilient society, given the role it plays in recovery. Being able to quantify risk helps insurance companies make informed risk decisions, which is critical in the evolving hurricane landscape," said Maiclaire Bolton Smith, CoreLogic's vice president, hazard and risk management. "With the potential for an active hurricane season on the horizon, insurers and homeowners should do everything they can to prepare and mitigate as much risk as possible."
While national trends are informative, the impact of hurricanes is most strongly felt by individual communities. CoreLogic's report highlights three metro areas: New York, Houston, and Miami, to contextualize the risk. These densely populated areas must plan accordingly, as a direct hurricane landfall could be severe. The New York metro area has more than 3.7 million residential properties at risk, while Houston and Miami each have over 2 million. Given their high populations and extensive infrastructure, hurricane damage in these areas could lead to significant disruptions.
