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Coffee Talk
Business Observer Friday, Jun. 9, 2017 5 years ago

Make waves

Millions of coastal homes at potential risk of hurricane storm surge damage.

The longest season of the year has begun: The Atlantic hurricane season started June 1 and will continue through Nov. 30.

Residents and business owners statewide are used to the warnings — buy batteries, stock up on canned food, keep jugs of water on hand. Now comes the 2017 Storm Surge Report from real estate researcher CoreLogic, which states nearly 6.9 million homes along the Atlantic and Gulf coasts are at potential risk of hurricane storm surge damage.

The total reconstruction cost value of that damage? According to CoreLogic, more than $1.5 trillion, assuming 100% destruction.

The report examines storm surge risk for homes in 19 states, Washington, D.C., and 86 metro areas. According to the report, Texas and Florida have the most homes at risk, which makes sense — both have the longest coastal areas. Florida ranks No. 1 on the list of homes at risk by state and No. 1 on the list of reconstruction cost value of at-risk homes by state.

CoreLogic also put together a list of the storm surge risk for the top 15 metro areas by total homes potentially affected by all hurricane categories. That ranking includes four areas on Florida's Gulf Coast: Tampa at No. 3 with 459,275 homes; Cape Coral at No. 6 with 313,955 homes; Bradenton at No. 8 with 254,900 homes; and Naples at No. 9 with 183,090 homes. The estimated reconstruction cost value for the Tampa area is $80.8 billion; Cape Coral is $63 billion; Bradenton is $48 billion; and Naples is $40.8 billion.

And as officials often point out, it doesn't take a Category 5 hurricane to do damage — 23,398 homes in the Bradenton area are in an “extreme” risk zone and would be impacted by every hurricane category, even a Category 1.

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