Press release

7.3 Million Homes at Risk of 2019 Hurricane Storm Surge Damage with $1.8 Trillion in Potential Reconstruction Costs, According to CoreLogic Report

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CoreLogic®(NYSE: CLGX), a leading global property
information, analytics and data-enabled solutions provider, today
released its 2019
CoreLogic Storm Surge report
, which shows more than 7.3 million
single- and multifamily homes along the Gulf and Atlantic Coasts have
the potential for storm surge damage, with a total estimated
reconstruction cost value (RCV) of nearly $1.8 trillion. Early
from the National Oceanic and Atmospheric Administration
(NOAA) indicate a near-normal year for the 2019 Atlantic hurricane

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CoreLogic Storm Surge: Residential Property Exposure by Coastal Region 2019 (Graphic: Business Wire)

CoreLogic Storm Surge: Residential Property Exposure by Coastal Region 2019 (Graphic: Business Wire)

The CoreLogic Storm Surge report provides an annual evaluation of the
number of homes in the United States that are vulnerable to storm surge
in the Gulf of Mexico and Atlantic Basin, which includes every state
from Texas to Maine, approximately 3,700 miles. The report also includes
associated RCV of these properties, which is calculated using the
combined cost of construction materials as well as equipment and labor.
The analysis examines risk across 19 states and 85 Core-Based
Statistical Areas (CBSA). This is the first year the Storm Surge report
analysis includes multifamily structures, which encompass apartments,
condominiums and multi-unit dwellings.

“It is essential to understand and evaluate the total hazard exposure of
properties at risk of storm surge prior to a hurricane event, so
insurers can better protect and restore property owners from financial
catastrophe,” said Dr. Tom Jeffery, senior hazard scientist at
CoreLogic. “Damage from storm surge and inland flooding has proven to be
far more destructive than wind in recent years, so we cannot rely on the
hurricane category alone to give us a sense of the potential loss. A
Category 5 hurricane in an area with few structures may be far less
devastating than a Category 1 hurricane in a densely populated area.”

Regional Implications

  • The Atlantic Coast contains 57% of the total homes at risk of storm
    surge flooding and 62.7% of the total RCV. The region has more than
    4.1 million homes at risk of storm surge with an RCV of over $1.1
  • Conversely, the Gulf Coast contains 43% of the homes at risk and 37.3%
    of the total RCV. The region has nearly 3.1 million homes at risk with
    over $668 billion in potential exposure to total destruction damage.

State Implications

  • Florida, Louisiana, New York and Texas have the greatest number of
    homes at risk of storm surge.
  • Florida has the most exposure to storm surge flooding, with more than
    2.9 million homes at risk. The state also has the highest RCV at over
    $603 billion.
  • Louisiana has the second most exposure to storm surge flooding, with
    more than 847,000 at-risk homes and the third highest RCV at over $202
  • In New York, the density of the residential population near the coast
    makes it extremely vulnerable to flooding despite less frequent
    hurricane events. New York ranks third in the number of homes at risk
    (over 564,000) and second in RCV (over $240 billion).
  • Texas ranks fourth with more than 561,000 at-risk homes. Texas has the
    fifth-highest RCV with more than $113 billion.

Metro Implications

CoreLogic looked at 85 Core-Based Statistical Areas (CBSA) to determine
the metropolitan areas with the greatest number of homes exposed to and
the highest RCV from storm surge flooding.

  • The New York, Newark and Jersey City metro area has the greatest risk
    of storm surge with just over 831,000 homes at risk and RCV of over
    $330 billion. Although this number of homes at risk is similar to that
    of the Miami metro area, the RCV for these homes is double Miami’s
    metro area RCV.
  • The Miami, Florida metro area that includes Miami, Fort Lauderdale and
    West Palm Beach, Florida follows the New York metro area with more
    than 827,000 homes at risk and an RCV of $166 billion.
  • Because of the density of residences in large metro areas, the top 15
    CBSAs account for 67.5% of the total number of homes at risk and 68.9%
    of the total RCV for storm surge risk in the United States. This
    underscores the importance of considering location of future storms
    when assessing the potential for catastrophic damage.

Important notes regarding definitions:

Single-family and multifamily homes are provided in separate charts and
categorized by level of exposure to storm surge hazard from Categories 1
through 5 hurricanes. RCV figures represent the cost to completely
rebuild a property in case of damage assuming the worst-case scenario at
100% destruction. For more information about this data and what to
expect from CoreLogic hurricane season reporting, contact us at
to get access to a recorded pre-season media-only webinar.

Note: These numbers are cumulative. A home being affected by a
Category 1 storm would accordingly also be affected by a Category 5—so
the highest Category represents the aggregate total.


The analysis in the 2019 CoreLogic Storm Surge Report encompasses
single-family residential structures less than four stories, including
mobile homes, duplexes, manufactured homes and cabins (among other
non-traditional home types). And, for the first time, the report also
encompasses multifamily structures, which include apartments,
condominiums and multi-unit dwellings. It is important to note that the
inclusion of high-rise residential units such as those listed above may
skew both the numbers associated with storm surge risk. This is because
lower-level units are most likely to be affected, whereas the units
above the second floor will rarely, if ever, experience storm surge
flood damage.

Year-over-year changes between the number of homes at risk and the RCV
can be the result of several variables, including new home construction,
improved public records, enhanced modeling techniques, fluctuation in
labor, equipment and material costs and even a potential rise in sea
level. Indeed, this year’s addition of new data in the form of
multifamily structures has increased the total number of structures at
risk. For that reason, direct year over year comparisons should be
warily considered. To estimate the value of property exposure of
single-family residences, CoreLogic uses its RCV methodology, which
estimates the cost to rebuild the home in the event of a total loss and
is not to be confused with property market values or new construction
cost estimation. Reconstruction cost estimates more accurately reflect
the actual cost of damage or destruction of residential buildings that
would occur from hurricane-driven storm surge, since they include the
cost of materials, equipment and labor needed to rebuild. These
estimates also factor in geographical pricing differences (although
actual land values are not included in the estimates). The values in
this report are based on 100% percent (or “total”), destruction of the
residential structure. Depending on the amount of surge water from a
given storm, there may be less than 100% damage to the residence, which
would result in a lower realized RCV.

To evaluate storm surge risk at the local level, CoreLogic uses the
designation of Core-Based Statistical Areas (CBSAs), which are often
referred to as metropolitan areas (>50,000 people), or micropolitan
areas (<50,000 people). The CBSA represents an urban center and the
adjacent regions that are socioeconomically tied to that center. The
specific areas identified in this report are named by primary urban
center, though each may contain additional urban areas.

The high-resolution, granular modeling for underwriting individual risk
allows enhanced understanding of the risk landscape and damage
potentials. CoreLogic offers high-resolution solutions with a view of
hazard and vulnerability consistent with the latest science for more
realistic risk differentiation. The high-resolution storm surge modeling
using 10m digital elevation model (DEM) and parcel-based geocoding
precision from PxPoint facilitates a realistic view of the

The probabilistic CoreLogic North Atlantic Hurricane Model, which can be
accessed in the catastrophe modeling platform RQE®, is
powered with unparalleled property data from CoreLogic. The combination
of high-quality data and detailed modeling provides realistic and
credible view of the potential risk to make informed business decisions,
understand risk and accelerate recovery.

About CoreLogic

CoreLogic (NYSE: CLGX), the leading provider of property insights and
solutions, promotes a healthy housing market and thriving communities.
Through its enhanced property data solutions, services and technologies,
CoreLogic enables real estate professionals, financial institutions,
insurance carriers, government agencies and other housing market
participants to help millions of people find, acquire and protect their
homes. For more information, please visit

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