PROVIDENCE – Storm surges are estimated to threaten 26,425 homes in the Ocean State according to a report released by CoreLogic Inc. on Thursday. Rhode Island ranks No. 17 in the nation for both the number of at-risk homes and for reconstruction cost of at-risk homes damaged by storm surges.
The combined reconstruction cost value of Rhode Island storm surge at-risk homes was estimated to be $8.1 billion.
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CoreLogic reported that nationwide, 6.9 million homes along the Gulf and Atlantic coasts have the potential for storm surge damage, with a total estimated reconstruction cost value of nearly $1.6 trillion, including 3.9 million homes on the Atlantic Coast valued at $970.2 billion.
Florida was the most at-risk state for storm surges in both number of homes and reconstruction costs in the study, with 2.8 million homes categorized as at risk, including 348,727 homes listed as at extreme risk – meaning that even Category 1 storms would cause storm surge damage.
Texas, Louisiana and Florida each had more than 500,000 homes at risk to storm surge damage.
Miami and New York City were the two highest at-risk cities for number of properties susceptible to storm surge damage named in the study.
Rhode Island was reported to have 1,852 homes with an extremely high risk for storm damage, which could come from storms of categories 1-5. The reconstruction costs for those homes was estimated to be $539.7 million. Valuations for reconstruction value account for 100 percent destruction of the property.
CoreLogic, a real estate information services company, based the study on single-family homes four stories and under. The study was based on data from the U.S. Census Bureau and the National Oceanic and Atmospheric Administration.
The study concluded with a prediction for the 2017 hurricane season. Using a number of forecasts, CoreLogic said that the early predictions show a milder hurricane season (June through Novermber) than in 2016.
Chris Bergenheim is the PBN web editor.
