Real Estate

14 cities at highest risk of storm damage this hurricane season—how can you protect your property?

Hurricane season has begun, and the forecast doesn’t look good. More than that, according to analytics company CoreLogic 32.7 million homes Texas to Maine is at risk of hurricane damage this year.

Weather Expected Being very busy and possibly leading the record books for the number of named storms. The National Oceanic and Atmospheric Administration (NOAA) predicts that there could be as many. A total of 25 storms8 to 13 with hurricane formation.

Experts say that the ocean is warming up all over the world. At the same time, the end of one of the strongest El Niños ever observed can quickly transition into La Nina, which typically causes more hurricanes over the Atlantic. The combination of warm weather and strong winds can mean the perfect recipe for strong storms this season.

Metro areas are at the highest risk of hurricanes and tornadoes.

While it is impossible to know. Absolutely who will impressed This hurricane season, some areas may be more affected than others, while not all homes will be a total loss. Could do something. Damaged from the flood And the storm surges, and others through the air.

CoreLogic’s 2024 Hurricane Risk Report Identified areas most at risk of damage from hurricane force winds and storm surges. Low-lying coastal areas with high population density are most at risk. However, the extent of damage to a property depends on a variety of factors, such as elevation changes and any obstructions to prevent water from flowing inland.

Here’s a look at the places most at risk of damage from hurricane winds, as well as the value of rebuilding from such phenomena.

Metro area Number of homes at moderate or high risk for hurricanes Reconstruction cost (in billions)
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

Very of the Metro areas also have the most vulnerable homes. Areas They are Are aware of the damage caused by hurricanes. Hurricane Sandy, for example, caused an estimate 19 billion dollars Losses and a decline in economic activity in New York City in 2012. As America’s most densely populated city, it’s no surprise that it tops the list. much more Homes at risk of damage from storm surges and ocean winds.

Here’s a look at places that see coastal flooding as well as rebuilding value.

Number of homes at moderate or high risk of hurricanes Reconstruction cost (in billions)
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 metro areas, such as Miami and Houston, are too Familiar with hurricanes. According to NOAA’s historical trackers, 48 ​​and 28 hurricanes have occurred within 60 nautical miles of Miami and Houston counties since the turn of the 20th century, respectively.

How to protect your property during hurricane season.

For homeowners and real estate investors who own property in areas prone to hurricane and tornado damage, it is important to understand and know the risks these storms pose to your property. Maiclaire Bolton-Smith, vice president of risk and risk management at CoreLogic, told BiggerPockets. “When you know your risk, you can speed up your recovery,” he added.

Another key to being prepared is understanding your insurance policy, knowing what is and isn’t covered, she added. For example, flood insurance is not mandatory unless the property is owned. There is a mortgage and in a FEMA designated flood zone. If the property Has been damaged Due to flooding and not covered, you can end up paying the bill yourself.

“As we’ve seen with events like Hurricane Harvey in 2017, flood damage can be extensive and often not limited to flood zones, so it’s important to understand what’s covered. It’s that Not what you want. find out after a house was damaged by a hurricane,” Bolton-Smith said.

Besides that Insurance, you can also strengthen your home, such as making sure that the roof is in good condition and has no looseness, as well as making sure that there are no large trees or other objects that can cause damage. Your home, he added.

Is it still worth buying in climate-prone areas?

Hurricanes and other climate disasters have become more frequent and severe in recent years. This increases the risk of potential property damage and expenses—and therefore increases insurance premiums. Sky rocket in many areas. And the trend seems only to get worse, with more and more 40 million homes at risk Increase in insurance premiums

“The reality is, most places have some kind of threat,” Bolton-Smith said. She lives in California, which is prone to both earthquakes and wildfires. And while it’s unlikely that a hurricane will hit every area mentioned in CoreLogic’s report, several catastrophic events are likely in a year.

Still, technology and building codes have improved greatly to make homes safer. are strong Against danger, such as with Magnesium siding or reinforced doors and windows.

Ultimately, “I think it comes down to understanding the potential risk and deciding if you’re comfortable with it and knowing what resources you need to mitigate it,” Bolton-Smith said.

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

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