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40 million homes at risk of significant hurricane damage, private research company finds

todayMay 30, 2024 3

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IRVINE, Calif. – With many eyes on the hurricane season, a new report shows that nearly 33 million homes from Texas to Maine could be impacted by hurricane-force winds, leading to staggering vulnerabilities.CoreLogic, a California-based information services provider, released its annual risk report on Thursday which said that the cost of repairing damage would equate to $10.8 trillion.In addition to properties exposed to damaging winds, the company said more than 7 million properties are susceptible to storm surge.”Hurricanes remain one of the largest single insured loss drivers when they do occur,” Maiclaire Bolton Smith, CoreLogic’s vice president of hazard and risk management, said in a statement. “Changes in hurricane activity and exposure concentrations from one year to the next in risky geographies across the U.S. shift the risk profile every year, which is why it is important to consistently reevaluate.”NOAA ISSUES ITS MOST AGGRESSIVE HURRICANE SEASON FORECAST ON RECORDThe company also specifically focused on the metros of New York City, Miami and Houston, with potential damage figures highest around the Big Apple.The CoreLogic report found that some 3.7 million New York homes have a replacement cost value of $2 trillion from significant winds.Given the cities’ large populations, a potential hurricane strike on any of the metros could result in notable disruptions to industries and the economy.Wind analysis of Florida communities indicates Miami-Dade, Broward and Palm Beach counties rank among some of the lowest for resiliency, indicating high exposure risks and costly repairs. “The most informed decisions will increase the odds of mitigating future losses, accelerating your recovery,” Smith said.2024 ATLANTIC HURRICANE SEASON GUIDE: HERE’S WHAT TO KNOW ABOUT THIS YEAR’S STORMSAn expected La Niña could make the 2024 hurricane season active, with increased chances of U.S. impacts over what was experienced during the 2023 season.The 2023 season was the least impactful for the U.S. in nearly a decade, with only one hurricane strike.”The 2024 hurricane season will likely be a very active season, potentially even more so than 2023 with a shift to La Niña conditions. The necessary ingredients will be present, so mitigation tactics should be top of mind in order to prevent significant losses should a storm make landfall in a coastal metropolitan area,” Smith said.The first tropical storm typically forms around June 20, with the first hurricane in mid-August.

Written by: Badlands Classic Rock

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