Storm surge report: Nearly 3 million Gulf Coast homes at risk
Posted in General on June 1, 2017
As we well know in Tampa, hurricane season is officially underway. With it comes the release of the 2017 Storm Surge Report that shows that nearly 7 million homes along the Gulf and Atlantic coasts are at risk of storm surge damage.
The total reconstruction cost is pegged at more than $1.5 trillion, says property information and analytics firm Corelogic, which produced the data. The reconstruction cost assumes a worst-case scenario in which all the homes completely destroyed and have to be rebuilt. The cited figure includes costs of labor and materials by region.
While a $1.5 trillion price tag is a bit overwhelming, a recent article about the storm surge report contains good news as well: experts expect that this year’s hurricane season will produce fewer storms than last year and fewer, too, than the 30-year average.
The best guess from the National Oceanic and Atmospheric Administration (NOAA) is that there will be a dozen storms this year, with half of them developing into hurricanes. Three of those are expected to be Category 3 or higher.
The Gulf Coast has nearly 3 million homes at risk of storm surge. The cost of replacement: $593 billion.
Unsurprisingly, Florida is the state with the greatest storm surge exposure. Slightly less than 2.8 million homes here are at risk, according to the report. Louisiana has slightly more than 800,000 at-risk homes, while Texas is third with 536,000. New Jersey is fourth with nearly 470,000 homes at risk.
For Tampa residents whose homes suffer water damage, an experienced attorney can help you fight for full coverage from an insurer.