MEDIA ADVISORY: Hurricane Matthew

Media Contacts

Alexandra Hayes
ahayes@cvic.com
(484) 888-4412

Lori Guyton
lguyton@cvic.com
(901) 277-6066

October 06, 2016, Irvine, Calif. –

CoreLogic Analysis Shows Almost 2 Million Homes in Florida, South Carolina, North Carolina and Georgia at Risk of Storm Surge Damage from Hurricane Matthew

CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released data showing potential exposure to residential property damage from hurricane-driven storm surge flooding as Hurricane Matthew makes its way toward the U.S. Atlantic Coast.

Figure 1 shows the total number of properties at risk of storm surge damage for each of the five hurricane categories. In addition, the accompanying reconstruction cost value (RCV) is provided.

Figure 1: Total Number and Total Value of Residential Properties by State

State

At-Risk Homes

Cat 1

Cat 2

Cat 3

Cat 4

Cat 5

Total

Florida

Number of Homes at Risk

124,764

234,211

303,501

291,918

307,913

1,262,307

 

RCV

$24,313,848,380

$50,011,668,338

$60,459,164,084

$54,148,345,612

$57,428,006,641

$246,361,033,055

South Carolina

Number of Homes at Risk

35,514

88,485

81,039

82,177

51,425

338,640

 

RCV

$10,119,452,942

$22,371,712,736

$17,892,600,081

$17,224,909,503

$10,050,257,900

$77,658,933,162

North Carolina

Number of Homes at Risk

30,785

58,829

62,456

46,086

46,556

244,712

 

RCV

$5,866,070,772

$11,772,926,993

$12,629,945,559

$9,452,537,798

$9,272,277,927

$48,993,759,049

Georgia

Number of Homes at Risk

9,290

41,003

53,398

34,272

10,755

148,718

 

RCV

$2,823,103,183

$10,173,092,963

$10,750,858,962

$6,419,508,663

$1,885,691,326

$32,052,255,097

Spotlight on Florida Metropolitan Areas  

Metro Area

At-Risk Homes

Cat 1

Cat 2

Cat 3

Cat 4

Cat 5

Total

Daytona Beach

Number of Homes at Risk

2,356

19,640

36,052

38,650

16,489

113,187

 

RCV

$582,387,240

$4,305,154,040

$7,046,566,209

$7,508,912,517

$3,787,267,882

$23,230,287,888

Melbourne

Number of Homes at Risk

10,623

23,337

20,673

14,212

12,880

81,725

 

RCV

$2,341,371,868

$4,820,889,555

$3,850,353,685

$2,718,275,086

$2,226,499,129

$15,957,389,323

Miami

Number of Homes at Risk

75,903

130,463

176,225

193,465

204,426

780,482

 

RCV

$12,712,225,634

$26,061,611,835

$35,007,645,170

$34,199,818,548

$35,968,082,235

$143,949,383,422

Jacksonville

Number of Homes at Risk

8,700

26,729

50,992

31,976

48,312

166,709

 

RCV

$2,053,444,850

$7,262,311,370

$10,024,144,325

$6,471,760,420

$9,995,370,690

$35,807,031,655

Hurricane-driven storm surge flooding 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. This CoreLogic analysis measures exposure to damage from storm surge and does not include potential damage from wind and rain associated with hurricanes.

For more information on CoreLogic storm-surge methodology, data and analysis, download a copy of the more in-depth 2016 CoreLogic Storm Surge report at http://www.corelogic.com/landing-pages/2016-corelogic-storm-surge-risk-report.aspx.

Methodology

The CoreLogic storm surge analysis encompasses single-family residential structures and also includes mobile homes, duplexes, manufactured homes and cabins, among other non-traditional home types. The 2016 CoreLogic Storm Surge Report provides a more granular and accurate analysis than in previous reports, now incorporating 10-meter grid cell elevation data rather than the 30-meter elevation data used previously. This enhanced granular view of data effectively increases resolution and accuracy of land elevation analysis by almost tenfold, giving insurers an even better way to analyze risk. Year-over-year changes in the number of homes at risk and RCV can be the result of several variables, including new home construction, improved public records, enhanced modeling techniques, fluctuation in labor, equipment and material costs, and even potential rise in sea level. As a result, direct year-over-year comparisons should be avoided. To estimate the value of property exposure of the single-family residences, CoreLogic utilized its proprietary reconstruction cost valuation methodology which estimates the cost to rebuild the home in the event of a total loss and is not to be confused with property market values or new construction cost estimation. Reconstruction cost estimates more accurately reflect the actual cost of damage or destruction of residential buildings since they include the cost of materials, equipment and labor needed to rebuild, and also factor in geographical pricing differences. Actual land values are not included in the estimates. The values are based on 100-percent or total destruction of the residential structure. Depending on the amount of surge water from a given storm, there may be less than 100-percent damage to the residence, which would result in a lower realized RCV.

About CoreLogic

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.

CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries.