Nearly 7.8 million homes with more than $2.3 trillion in combined reconstruction cost value RCV are at risk of hurricane-related damage during this Atlantic season, CoreLogic's 2022 Hurricane Report says.
In a study of the storm surge and hurricane wind risk levels for both single-family and multi-family residences along the Gulf and Atlantic Coast this season, the corporation said that 33 million homes with nearly $10.5 trillion in combined RCV are at risk of wind and flooding-related destruction.
More than 31 million single-family homes were at moderate or greater risk and over 7.5 million of them had direct or indirect coastal exposures and subsequent risk from coastal storm surge and damage from hurricanes.
New York City has the greatest risk, with nearly 900,000 homes with more than $432 billion in RCV at risk of storm surge damage and more than four million homes with more than $2.2 trillion in RCV at risk of wind damage.
Three Gulf Coast states have the greatest number of homes at risk of storm surge damage, according to the state level.
Florida has more than three million homes, Louisiana has close to 911,000 and Texas has more than 542,000 homes at risk, respectively.
More than 8.8 million homes are in the Lone Star State for hurricane wind risk.
The National Oceanic and Atmospheric Administration predicts anywhere from six to 10 hurricanes and three to six major hurricanes, according to the forecast from the National Oceanic and Atmospheric Administration.
There is a 65% chance of an above-normal season.
CoreLogic said that climate change has caused sea-level rise, stronger winds, higher rainfall rates and increasing hurricane frequency, and exacerbated the risk of coastal and inland flooding, and increased the risk of structural damage.
It said that stronger hurricane seasons mean property losses will continue to mount. Wind damage will be covered by standard homeowners' insurance policies and will cause increased financial implications for the insurance industry.