Hurricane Irene made it very clear last summer that hurricane risk is not confined to the southern parts of the country," said Howard Botts, CoreLogic Spatial Solutions....
Four million homes on U.S. Atlantic and Gulf coasts are at risk of hurricane storm-surge damage with more than $700 billion in property exposure, a report says.
The report by CoreLogic said in the Atlantic Coast region alone there are approximately 2.2 million homes at risk, valued at more than $500 billion.
Total exposure along the Gulf Coast is nearly $200 billion, with just under 1.8 million homes at risk for potential storm-surge damage, the report released Wednesday said.
"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 Howard Botts, director of database development for CoreLogic Spatial Solutions.
CoreLogic said its report was based on its database of parcels to identify the properties that fall within the perimeter of each category of the storm-surge inundation.
"The data we compile is useful for insurance providers and financial services companies, to help them better understand potential exposure to damage for homes -- particularly those that do not fall into designated FEMA Special Flood Hazard Areas," Botts said.
"When a storm strikes the coast, storm-surge flooding can inundate homes far inland and cause significant losses from powerful surge waters, damaging debris and standing water left behind."