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 2022 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 2022 hurricane season.
- The impacts of hurricanes on communities
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.
- The pressures placed on restoration efforts
As hurricane frequency and severity are expected to increase in the coming years, the catastrophic loss restoration business will be challenged to meet the growing need for workers (at all levels) in resource management, financial risk mitigation, workflow standards, and management of legal risks.
- The influence of climate change
Along with increasing hurricane frequency, sea-level rise, stronger winds, and higher rainfall rates have contributed to the increasingly damaging impact of hurricanes. They exacerbate the risk of coastal and inland flooding and increase the risk of structural damage.
With this knowledge in hand, we can all better protect the homes, families, and businesses we love.