—Reconstruction Cost Value totals more than $170 billion—
IRVINE, Calif. — (BUSINESS WIRE) — September 10, 2018 — CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released data analysis showing 758,657 homes in North Carolina, South Carolina and Virginia with a reconstruction cost value (RCV) of approximately $170.2 billion are at potential risk of storm surge damage from Hurricane Florence based on its Category 4 status. Current projections show it is likely Hurricane Florence could exceed a Category 4 storm. CoreLogic plans to release new figures for Hurricane Florence-related activity in advance of landfall to reflect the storm’s updated path and intensity.
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Total Number of Properties and RCV of Residential Properties at Risk of Hurricane Florence Storm Surge Damage (September 2018) (Graphic: Business Wire)
The table below shows the total number of properties at risk of storm surge for each of the five hurricane categories, as well as their accompanying RCV totals, for the Core-Based Statistical Areas (CBSAs) located along the North Carolina, South Carolina and Virginia coasts that could potentially be affected.
Hurricane-driven storm surge can cause significant property damage when high winds and low pressure cause water to amass inside the storm, releasing a powerful rush over land when the hurricane moves onshore. For a complete view of total storm surge risk for all 19 Atlantic and Gulf Coast states and 86 CBSAs, download the 2018 CoreLogic Storm Surge Report.
For Gulf and Atlantic Coast hurricanes that impact the U.S. this year, CoreLogic will provide pre-landfall data for number and associated reconstruction cost value of at-risk homes; post-landfall data for estimated insured property loss; and post-landfall data for insured property loss for wind, surge and flood. Visit the CoreLogic natural hazard risk information center, Hazard HQ™, at www.hazardhq.com to get access to the most up-to-date Hurricane Florence storm data and see reports from previous storms.
CoreLogic offers high-resolution location information solutions with a view of hazard and vulnerability consistent with the latest science for more realistic risk differentiation. The high-resolution storm surge modeling using 10m digital elevation model (DEM) and parcel-based geocoding precision from PxPoint™ facilitates this realistic view of risk. Single-family residential structures less than four stories, including mobile homes, duplexes, manufactured homes and cabins (among other non-traditional home types) are included in this analysis. This is not an indication that there will be no damage to other types of structures, as there may be associated wind or debris damage and are not tabulated in this release.
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CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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