If you live on the U.S. Atlantic or U.S. Gulf Coast, the odds are good that your home is at risk of a storm surge at some time during 2013. According to CoreLogic’s “Storm Surge Report,” 4.2 million homes are likely to be exposed to hurricane-driven storm-surges and associated damages during 2013. The data firm has released this analysis for several years, but this year the report includes information from the firm’s automated valuation model (AVM), which “improves the accuracy of the analysis,” the company states.
FEMA also got in on the act, expanding its flood maps to include 35,000 additional homes and businesses not previously identified as existing within a flood zone. “[Hurricane] Sandy was a harsh reminder of the potential destruction associated with storm surge flooding and of just how many communities are vulnerable…in areas typically assumed to be relatively safe,” said CoreLogicvice president Howard Botts. Botts added that about $1.1 trillion worth of U.S. property is located within at-risk areas, and $658 billion of that property is located in 10 major metro areas including Miami and New York City.
by Carole VanSickle