SANTA ANA, Calif., June 7, 2012 /PRNewswire/ -- CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released its annual Storm Surge Report detailing exposure of single-family homes to storm-surge damage within several predefined geographic areas in the United States. The 2012 CoreLogic Storm Surge Report provides the first-ever property-level analysis of residential property risk along the Atlantic and Gulf Coasts broken down by region and by individual state, in addition to a snapshot of risk within previously reported major metro areas.
This year's report indicates that just over four million homes in the U.S. along the Atlantic and Gulf Coasts are at risk of hurricane-driven storm-surge damage, with more than $700 billion in total property exposure. In the Atlantic Coast region alone, there are approximately 2.2 million homes at risk, valued at more than $500 billion. Total exposure along the Gulf Coast is nearly $200 billion, with just under 1.8 million homes at risk for potential storm-surge damage.
"Though more frequently impacted states like Florida, Texas and Louisiana get the most attention when it comes to hurricane vulnerability and destruction, Hurricane Irene made it very clear last summer that hurricane risk is not confined to the southern parts of the country," said Dr. Howard Botts, vice president and director of database development for CoreLogic Spatial Solutions. "That's why we felt it was important this year to highlight storm-surge risk in a brand new way to establish a better understanding of exposure throughout the states that are most at risk of a direct hurricane hit. As we got a glimpse of during Irene, our 2012 report shows even a Category 1 storm could cause property damage in the billions along the northeastern Atlantic Coast and force major metropolitan areas to shut down or evacuate."CoreLogic generated the Storm Surge Report using the company's extensive database of parcels to identify the properties that fall within the perimeter of each category of the storm-surge inundation polygon. A parcel is the individual property associated with an address, and is the most granular way to analyze properties exposed to natural hazards. To determine residential exposure value, the proprietary CoreLogic storm-surge model was paired with the company's industry-leading database of residential valuations for structures at the parcel level. CoreLogic identified every property contained within each category of the storm surge polygon and matched the structure valuation for each residence. Valuations for individual geographic areas were then totaled by hurricane category. The final results depict the value of the total residential properties as of April 2012 exposed to each potential storm surge event. A full list of all Core Based Statistical Areas (CBSAs) at risk for storm-surge damage, as well as the top ten zip code areas at risk associated with each CBSA, is available at http://www.corelogic.com/about-us/researchtrends/2012-storm-surge-cbsa-fact-tables.aspx. Maps detailing storm surge risk are also available for all CBSAs upon request. CoreLogic developed the Storm Surge Report to enhance understanding of the additional risk that storm surge poses to homes located in areas prone to tropical storms. Storm surge is triggered primarily by the high winds and low pressure associated with hurricanes, which cause water to amass inside a storm as it moves across the ocean before releasing as a powerful rush overland when the hurricane moves onshore. In addition to the property damage and potential lives lost to flooding, the speed and force associated with storm-surge waves can significantly increase geographic and economic impact in hurricane disaster areas.
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