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 newsmedia@corelogic.com 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.
Methodology
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 risk.
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 www.corelogic.com.
CORELOGIC, the CoreLogic logo, RQE and PXPoint are trademarks of CoreLogic, Inc. and/or its subsidiaries. All other trademarks are the property of their respective owners.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190530005195/en/
Contact:
Media Contacts:
Alyson Austin
CoreLogic, Corporate
Communications
949-214-1414
Email Contact
Caitlin New
INK Communications for CoreLogic
512-906-9103
Email Contact
