As hurricane season officially gets underway, a new report finds that more than four million homes along the Atlantic and Gulf coasts may be at risk of hurricane storm damage. The potential damage equates to about $700 billion in residential property at risk from hurricanes, according to a report released by CoreLogic.Â
A hurricaneâ€™s storm surge, which sends mounds of water ashore, poses the biggest threat to properties, according to the report.Â
â€œThough 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,â€ says Howard Botts, vice president and director of database development for CoreLogic Spatial Solutions. â€œAs we got a glimpse of during Irene, our 2012 report shows even a Category 1 storm could cause property damage in the billions along the northeastern Atlantic Coast and force major metropolitan areas to shut down or evacuate.â€ Â
Florida tops the list of states with highest number of properties at risk from a storm surge following a hurricane. About 1.4 million homes in the state, totaling an estimated $188 billion in damage, could be at risk. Louisiana ranks No. 2 with nearly 500,000 properties at risk.Â
However, at a metro level, itâ€™s the New York area that faces the largest threat of damage because it contains the highest number of properties and has the highest possible financial risk to properties for metro areas (estimated at more than $168 billion).Â
Source:Â CoreLogic 2012 Storm Surge Report
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