Reconstruction cost value of all homes in the August 29, 2023 areas of peak surge totals more than $238 billion
IRVINE, Calif. — (BUSINESS WIRE) — August 29, 2023 — CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released data analysis showing 808,321 single-family and multifamily homes along the Florida gulf coast with a reconstruction cost value (RCV) of approximately $238.4 billion are at potential risk of storm surge damage from Hurricane Idalia. These figures assume Hurricane Idalia makes landfall as a Category 3 hurricane and are based on the August 29, 2023 National Hurricane Center 5 a.m. E.T. forecast.
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Total Number & Reconstruction Cost Value ($ in millions) of Residential Properties at Risk of Hurricane Idalia Storm Surge Damage (Graphic: Business Wire)
“Due to the sparsely populated forecasted impact area, there will likely be a lower insured loss ceiling from Idalia, compared to last year’s Hurricane Ian,” said Jon Schneyer, Director of Catastrophe Response, CoreLogic. “Even so, systems that make landfall along the Gulf Coast are likely to generate a more substantial storm surge than equivalent storms that hit the Atlantic Coast. As such, Hurricane Idalia is expected to bring hurricane-force winds, catastrophic storm surge of up to 15 feet, and widespread inland flooding across Florida and the southeastern U.S.”
More on the storm surge risk figures
The chart is a breakdown of the residential single family and multi-family homes at risk of storm surge damage. As Hurricane Idalia approaches Florida, its path will become more certain and the below metropolitan areas at risk will narrow. For the most up-to-date storm surge exposure estimates, visit the CoreLogic natural hazard risk information center, Hazard HQ Command Central™ at www.hazardhq.com/.
The table indicates a subset of the total 808,321 buildings. A damaged structure may not sustain 100% loss up to the full RCV. The RCV figures presented above represent the cost of completely rebuilding the existing residential structure. The RCV amount includes the costs of materials, equipment and labor, but does not include the value of the land or lot.
Hurricane-driven storm surge can cause significant property damage when high winds and low-pressure cause water to amass inside the storm, releasing a powerful rush over land when the hurricane moves onshore. For a complete view of total storm surge risk for all Atlantic and Gulf Coast states metropolitan areas, download the 2023 CoreLogic Hurricane Risk Report.
Methodology
CoreLogic offers high-resolution location information 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 this realistic view of risk. Single-family residential structures less than four stories, including mobile homes, duplexes, manufactured homes and cabins (among other non-traditional home types) are included in this analysis. Multifamily residences are also included. This is not an indication that there will be no damage to other types of structures, as there may be associated wind or debris damage and are not tabulated in this release.
Source: CoreLogic
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About CoreLogic
CoreLogic is a leading provider of property insights and innovative solutions, working to transform the property industry by putting people first. Using its network, scale, connectivity and technology, CoreLogic delivers faster, smarter, more human-centered experiences, that build better relationships, strengthen businesses, and ultimately create a more resilient society. For more information, please visit www.corelogic.com.
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Contact:
Robin Wachner
CoreLogic
newsmedia@corelogic.com
