As climate change continues to increase the severity and frequency of natural catastrophe events, it is more important than ever for communities to be prepared for when disaster strikes. While we can’t control the occurrence of natural disasters like hurricanes, we can prepare for them. Understanding the risk to help accelerate recovery is the key to resilience.
The 2021 Hurricane Report provides insight into property risk, both nationally and by metro area, across single-family homes and multifamily homes from hurricane-driven wind and storm surge.
Read the report to learn about:
- Hurricane-driven wind and storm surge analysis
CoreLogic evaluated the storm surge and hurricane wind risk levels for both single-family (SFR) and multifamily (MFR) residences along the Gulf and Atlantic coasts for the 2021 hurricane season.
- What happens to the real estate economy after a hurricane hits
For those who are homeowners, the result of a financial catastrophe results in mortgage delinquency rates increasing significantly as people, crippled by expenses and lost wages, fail to make monthly mortgage payments. After Hurricane Laura made landfall in Lake Charles, the already-high delinquency rate shot up from 9.8% in August 2020 to 16.1% in September 2020, an increase of 6.3 percentage points.
- Key aspects in the change of hurricane risk
Sea-level rise and tropical cyclone precipitation escalate the flood risk (coastal and inland) component of the damage from hurricanes and the intensification of hurricanes presents greater risk to structures exposed to these winds.
- Property losses and financial implications as hurricanes grow stronger
As hurricanes grow stronger, property losses will continue to mount and the insurance industry will see increased financial implications as wind damages are covered by standard homeowners insurance policies.
With this knowledge in hand, we can all better protect the homes, families, and businesses we love.