Hurricane season has begun and the forecast is not promising. According to analytics firm CoreLogic, more than 32.7 million households People from Texas to Maine are at risk of hurricane damage this year.
this season It’s expectation Very busy and may top the list for the number of named storms. The National Oceanic and Atmospheric Administration (NOAA) predicts that there could be as many as 25 storms in total8 to 13 of which became hurricanes.
Experts say oceans around the world are warming. Meanwhile, the end of one of the strongest El Niños ever observed could quickly turn into a La Niña, which typically triggers more hurricanes over the Atlantic Ocean. The combination of warm weather and strong winds could mean stronger storms this season.
Metro areas most at risk from hurricanes and storm surges
Although it is impossible to know Exactly who would affected Some areas may be hit harder than others this hurricane season, but not all homes will suffer outright losses. Some can be damaged flooded and storm Swells, and other winds.
CoreLogic’s 2024 Hurricane Risk Report Areas most likely to experience damage from hurricanes and storm surges were identified. Areas with high population densities in low-lying coastal areas are most at risk. However, the extent to which a property may be damaged depends on a variety of factors, such as elevation changes and any barriers preventing water from flowing inland.
Here are the places most vulnerable to hurricane damage, and the rebuilding value of such phenomena.
| metropolitan area | Number of homes at moderate or higher hurricane risk | Redevelopment value (billions) |
|---|---|---|
| New York, New York | 3,765,489 | $1.961 |
| Philadelphia, Pennsylvania | 1,657,757 | $703.6 |
| Houston, Texas | 2,092,308 | $671.3 |
| Boston, Massachusetts | 1,347,819 | $669.5 |
| Miami, Florida | 2,048,827 | $511.4 |
| Tampa, Florida | 1,107,320 | $294.5 |
| Providence, Rhode Island | 483,033 | $211.7 |
| Virginia Beach, Virginia | 583,928 | $186.4 |
| jacksonville florida | 580,352 | $167.9 |
| richmond, virginia | 435,597 | $153.6 |
| Hartford, Connecticut | 353,537 | $150.3 |
| Bridgeport, Connecticut | 212,853 | $135.8 |
| new orleans louisiana | 442,099 | $135.1 |
| North Port, Florida | 398,672 | $107.7 |
many of The metro areas with the highest housing risk are also often located in area That is Become familiar with hurricane damage. For example, Hurricane Sandy caused an estimated $19 billion Damages and loss of economic activity in New York City in 2012. most Homes are at risk from storm surge and hurricane damage.
Here’s where coastal flooding is most likely to occur and what it’s worth to rebuild.
| Number of homes at moderate or higher risk of storm surge | Redevelopment value (billions) | |
|---|---|---|
| New York, New York | 878,226 | $415.4 |
| Virginia Beach, Virginia | 396,843 | $124.8 |
| Miami, Florida | 509,133 | $124.0 |
| Tampa, Florida | 448,013 | $109.5 |
| new orleans louisiana | 320,908 | $99.3 |
| cape coral florida | 318,004 | $78.4 |
| North Port, Florida | 254,218 | $64.6 |
| Boston, Massachusetts | 148,005 | $59.50 |
| Naples, Florida | 196,454 | $54.9 |
| Charleston, South Carolina | 148,987 | $53.3 |
| Houston, Texas | 192,937 | $52.6 |
| jacksonville florida | 154,177 | $46.1 |
| Philadelphia, Pennsylvania | 120,426 | $42.1 |
| Salisbury, MD | 138,295 | $40.9 |
Other metro areas such as Miami and Houston also Get familiar with hurricanes. Since the early 20th century, there have been 48 hurricanes within 60 nautical miles of Miami and 28 hurricanes in Houston County, according to NOAA’s historical tracking records.
How to protect your property during hurricane season
For homeowners and real estate investors who own properties in areas more susceptible to hurricane and storm damage, it’s important to know and understand the risks these storms pose to your property, said Maiclaire Bolton-Smith, vice president of hazard and risk management at CoreLogic. It matters, tell BiggerPockets. “When you know your risk, you can speed your recovery,” she added.
Another key to preparation, she added, is to understand your policy and know what is and is not covered. For example, flood insurance is not mandatory unless the property mortgaged and FEMA designated flood areas. If there is real estate has been damaged By not being covered for flooding, you could end up footing the bill yourself.
“As we’ve seen from events like Hurricane Harvey in 2017, damage from flooding can be severe and is often not limited to designated flood areas, so it’s critical to understand what is covered. That’s not what you want find out After the house suffered hurricane damage,” Bolton-Smith said.
Apart from With insurance, you can also strengthen your home, such as making sure the roof is in good condition and has no loose shingles, and that there are no large trees or other items that could cause damage your home, she added.
Does it still make sense to buy in areas prone to climate disasters?
In recent years, hurricanes and other climate disasters have become more frequent and extreme. This increases the risk of potential property damage and costs and results in higher insurance premiums surge in many areas. And this trend only seems to be getting worse, as much as 40 million households at risk Insurance premiums soared.
“The reality is that in most places there is some risk,” Bolton-Smith said. She lives in California, a state at risk from earthquakes and wildfires. While hurricanes are unlikely to hit all areas mentioned in CoreLogic’s report, many catastrophic events are possible within a year.
Nonetheless, technology and building codes have improved greatly to ensure that homes be strengthened Combat risks, e.g. Magnesium siding Or reinforce doors and windows.
Ultimately, “I think it comes down to understanding the potential risk, deciding whether you’re willing to accept it and understanding what resources you have to mitigate it,” Bolton-Smith said.
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