In the worst-case scenario, $1.8 trillion in reconstruction costs could result from coastal storms in 2019, even as hurricane experts predict
More than 7.3 million single-family and multifamily homes on the coasts of the Atlantic Ocean and Gulf of Mexico are in danger of damage from the storm surge related to a hurricane in the vicinity.
While the Miami-Fort Lauderdale-West Palm Beach area has the most single-family properties at risk from storm surge with 791,775, the New York metro area has a highest reconstruction cost value at $283.3 billion because of population density. The Miami area is second at $157.7 billion and New Orleans is third at $100.9 billion.
For last year's storm season, CoreLogic issued
The strength of the hurricane is less important in calculating potential damages than the density of the area.
"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," Tom Jeffery, senior hazard scientist at
Borrower payment defaults typically rise
Not all properties affected by storm surge are covered by
During 2018, there were just two storms at Category 3 or greater that made landfall. After Hurricane Florence struck the Carolinas and Virginia, CoreLogic gave a worst-case projection of $28.5 billion in storm surge and inland flooding losses and an additional $1.5 billion in wind damage. Insured flood losses from Florence were between $5 billion and $9 billion, CoreLogic said in this year's report.
Hurricane Michael caused