Reconstruction Cost Value of all homes in hurricane path totals more than $13.4 billion
CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released data analysis showing 57,002 homes in the Florida Gulf Coast with a reconstruction cost value (RCV) of approximately $13.4 billion are at potential risk of storm surge damage from Hurricane Michael based on its projected Category 3 status at landfall. The storm’s size and path could change over the coming days, so to keep parties informed, CoreLogic will be hosting a pre-landfall webinar on October 10 at 12:30 p.m. ET with updated figures to reflect Hurricane Michael’s changing path and intensity.
The table below indicates the total number of homes with exposure to storm surge risk given the current path of the storm, and the RCV figures assume 100 percent destruction of all at-risk homes – and represents the worst case scenario. The figures reflect the Core-Based Statistical Areas (CBSAs) located along the Florida coast that could potentially be affected.
Hurricane-driven storm surge can cause significant property damage when high winds and low pressure cause water to amass inside the storm, releasing a powerful rush over land when the hurricane moves onshore. For a complete view of total storm surge risk for all 19 Atlantic and Gulf Coast states and 86 CBSAs, download the 2018 CoreLogic Storm Surge Report.
For Gulf and Atlantic Coast hurricanes that impact the U.S. this year, CoreLogic will provide pre-landfall data for number and associated reconstruction cost value of at-risk homes and post-landfall data for insured property loss for wind, surge and flood. Visit the CoreLogic natural hazard risk information center, Hazard HQ™, at www.hazardhq.com to get access to the most up-to-date Hurricane Michael storm data and see reports from previous storms.
CoreLogic offers high-resolution location information solutions with a view of hazard and vulnerability consistent with the latest science for more realistic risk differentiation. The high-resolution storm surge modeling using 10m digital elevation model (DEM) and parcel-based geocoding precision from PxPoint™ facilitates this realistic view of risk. Single-family residential structures less than four stories, including mobile homes, duplexes, manufactured homes and cabins (among other non-traditional home types) are included in this analysis. This is not an indication that there will be no damage to other types of structures, as there may be associated wind or debris damage and are not tabulated in this release.
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CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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