Thursday, Jun 07,2012
By: Carrie Van Brunt-Wiley
A recent analysis of coastal properties and hurricane risks finds that roughly four million homes are at risk of flooding during a hurricane.
Data released by CoreLogic says more than 2.2 million homes on the Atlantic Coast and 1.8 million on the Gulf Coast may be flooded by storm surge in the event of a powerful storm, leading to severe flood insurance claims.
"Though more frequently impacted states like Florida, Texas and Louisiana get the most attention when it comes to hurricane vulnerability and destruction, Hurricane Irene made it very clear last summer that hurricane risk is not confined to the southern parts of the country," said Dr. Howard Botts, vice president and director of database development for CoreLogic Spatial Solutions."
In fact, the study found that the New York City area actually had the highest value of property risks from a severe hurricane. The firm says more than $168 billion worth of property in the city would be vulnerable to a Category 4 or 5 storm.
Even though Hurricane Irene was downgraded to a tropical storm earlier than first expected, it still left severe damage in many areas. Industry estimates put its economic impact at up to $6 billion.
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