Study Reveals Millions of Homes at Risk of Storm Surge Damage
Traditionally, people feared hurricanes because of their high winds. But changes in construction have made many buildings resilient enough to handle even major hurricanes. Instead, flooding due to storm surge represents the most significant threat from hurricanes and tropical storms.
Just how many homes are at risk? A recent study by CoreLogic has put the number at almost 7.5 million homes. If your home has been damaged in a storm, contact one of our Volusia County property damage lawyers for a free consultation.
Almost $2 Trillion Worth of Property
CoreLogic looked at all homes along the Atlantic Coast, from Maine down to Florida and over to Texas, to determine the maximum number of single-family and multifamily residences at risk of storm surge during the 2020 hurricane season. They found that there were over 7 million single-family residences and about 252,000 multifamily residences at risk.
CoreLogic also estimated the total value of the homes by taking into consideration the cost of materials and labor to repair property. In all, vulnerable property represented $1.8 trillion.
Florida Is at the Front of the Line
The risk of storm surge damage is not evenly distributed up and down the coast. To no one’s surprise, Florida was one of the states in the lead, along with New York and Louisiana. Drilling down further, the Miami area had a massive 834,000 single-family properties at risk, which totaled roughly $166 billion.
Other Florida areas at risk included Tampa, Fort Myers, Bradenton, Naples, and Jacksonville. Only Texas, South Carolina, and Louisiana had more than two cities in the top 15 metro areas at risk of storm surge for single-family residences.
When looking at multifamily residences, Daytona Beach cracked the top 15 at #12. We had a total of 3,238 multifamily residences at risk, which represented $830 million in value.
Protect Your Home from Flood Damage
To protect against flood damage, the best step is to buy flood insurance. Flood coverage is not a part of most standard homeowners’ insurance policies. Instead, you need to buy flood coverage specifically.
Most people cannot buy flood insurance in the private market, and few private insurers offer it. Instead, homeowners buy a policy underwritten by the National Flood Insurance Program (but sold through individual agents). This is an excellent option, and rates are reasonable. We encourage everyone to contact an insurance agent to discuss a policy as soon as possible.
Flood insurance is important even if no hurricane hits. Many tropical storms can dump tremendous amounts of water, and their winds are strong enough to generate some storm surge. Indeed, some of the most destructive recent storms were not even major category hurricanes.
Let Us Help You Make a Flood Damage Claim
If your home or business was damaged by storm surge, you need to make a prompt claim with your insurer. We can help. At Bundza & Rodriguez, P.A. our Daytona Beach flood damage lawyers have negotiated favorable payments when an insurer denies an initial claim. Contact us today to schedule a free consultation to review your options.