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Home Investment News 14 Cities Most at Risk for Hurricane Damage This Season – How to Protect Your Property?

14 Cities Most at Risk for Hurricane Damage This Season – How to Protect Your Property?

by xyonent
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Hurricane season has begun, but the forecast isn’t looking good, according to analytics firm CoreLogic. 32.7 million households This year, there is a risk of hurricane damage from Texas to Maine.

season Expected It will be very active and could break records for the number of named storms. A total of 25 stormsOf those, between 8 and 13 became hurricanes.

Experts say oceans around the world are warming. At the same time, the end of the strongest El Niño weather event on record could give way quickly to a La Niña event that produces more hurricanes than usual in the Atlantic. The combination of warmer weather and stronger winds could mean perfect conditions for more intense storms this season.

Metropolitan areas most at risk from hurricanes and storm surges

It is impossible to know that’s right Who to be influenced While not all homes will be total losses this hurricane season, some areas may suffer more damage than others. Some people Damaged By flood And the storm It is caused by waves and also by wind.

CoreLogic 2024 Hurricane Risk Report They have identified areas most at risk of damage from hurricane winds and storm surges. Low-lying, densely populated coastal areas are at greatest risk. However, the extent to which buildings would be damaged depends on a variety of factors, including changes in elevation and barriers that prevent water from moving inland.

Here we look at where locations are most at risk of damage from hurricane winds and the value of rebuilding from such an event.

Metro Area Number of homes at moderate or higher risk from hurricane winds Reconstruction Value (billion)
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
Northport, Florida 398,672 $107.7

many of The metropolitan areas with the highest risk housing are: area it is He is familiar with the damage caused by hurricanes. For example, Hurricane Sandy was estimated $19 billion In 2012, damages and lost economic activity across New York City reached $100 billion. New York, the most densely populated city in the United States, most Homes are at risk of damage from storm surges and hurricane-force winds.

Here we look at where coastal flooding is most likely to occur and the value of rebuilding.

Number of homes at moderate or higher risk from storm surge Reconstruction Value (billion)
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
Northport, Florida 254,218 $64.6
Boston, Massachusetts 148,005 $59.5
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, Maryland 138,295 $40.9

Other metropolitan areas such as Miami and Houston Also Knowing more about hurricanes: According to NOAA’s historical tracking system, 48 and 28 hurricanes have formed within 60 nautical miles of Miami and Houston counties, respectively, since the beginning of the 20th century.

How to protect your property during hurricane season

For homeowners and real estate investors with property in areas prone to hurricane and storm damage, it’s essential to understand and know the risks these storms pose to their property, Mycrane Bolton Smith, vice president of hazard and risk management at CoreLogic, told BiggerPocket. “When you know your risk, you can speed up your recovery,” she added.

She added that another key to being prepared is understanding your insurance and knowing what is and isn’t covered. For example, flood insurance is a policy that protects your property if it is destroyed or flooded. Mortgaged If you are in a FEMA designated flood zone. Damaged If flood damage isn’t covered, you may be left footing the bill yourself.

“As events like Hurricane Harvey in 2017 show, flood damages can be significant and are often not limited to designated flood areas, so it’s important to understand what is covered. Find out “After homes are damaged by the hurricane, we have to repair them,” Bolton-Smith said.

On top of that If you have insurance, you can also fortify your home by making sure your roof is in good condition and there are no loose shingles, etc. You can also check to see if there are any large trees or other objects that could damage your home. Your home, she added..

Does it still make sense to buy property in areas prone to climate disasters?

Hurricanes and other weather disasters have become more frequent and severe in recent years, increasing the risk of potential property damage and costs and driving up insurance premiums. Soaring In many places, this trend is likely to worsen. 40 million households at risk Insurance premiums soaring.

“The reality is, most places have some risk,” said Bolton Smith, who lives in California, where there’s risk of both earthquakes and wildfires. While all of the areas mentioned in the CoreLogic report are unlikely to be hit by a hurricane, they could experience multiple disasters in a single year.

Still, technology and building standards to ensure home safety have improved greatly. Strengthened For example, Magnesium siding or reinforced doors and windows.

Ultimately, “I think it’s important to understand the potential risks, determine whether you can tolerate them and know what resources you have to mitigate them,” Bolton-Smith said.

Are you ready to succeed in real estate investing? Create a free BiggerPockets account to learn about investment strategies, ask questions and get answers from a community of over 2 million members, connect with investor-friendly agents, and much more.

BiggerPockets notes: These are opinions expressed by the author and do not necessarily represent the opinions of BiggerPockets.

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