Updated based on Hurricane Matthew projections as of 2:00 p.m. ET indicating a Category 3 or 4 storm.
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Updated based on Hurricane Matthew projections as of 2:00 p.m. ET indicating a Category 3 or 4 storm.

CoreLogic Analysis Shows Almost 2 Million Homes in Florida, South Carolina, North Carolina and Georgia at Risk of Storm Surge Damage from Hurricane Matthew

IRVINE, Calif., October 6, 2016 – CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released data showing potential exposure to residential property damage from hurricane-driven storm surge flooding as Hurricane Matthew makes its way toward the U.S. Atlantic Coast.

Figure 1 shows the total number of properties at risk of storm surge damage for each of the five hurricane categories as well as the accompanying reconstruction cost value for these properties. Data is provided for individual categories at both the incremental and cumulative levels.

Figure 1: Total Number and Total Value of Residential Properties by State

StateAt-Risk HomesCat 1Cat 2Cat 3Cat 4Cat 5
Florida Homes at Risk by Cat Level 124,764 234,211 303,501 291,918 307,913
  Total Homes at Risk 124,764 358,975 662,476 954,394 1,262,307
  RCV by Cat Level $24,313,848,380 $50,011,668,338 $60,459,164,084 $54,148,345,612 $57,428,006,641
  Total RCV $24,313,848,380 $74,325,516,718 $134,784,680,802 $188,933,026,414 $246,361,033,055
South Carolina Homes at Risk by Cat Level 35,514 88,485 81,039 82,177 51,425
  Total Homes at Risk 35,514 123,999 205,038 287,215 338,640
  RCV by Cat Level $10,119,452,942 $22,371,712,736 $17,892,600,081 $17,224,909,503 $10,050,257,900
  Total RCV $10,119,452,942 $32,491,165,678 $50,383,765,759 $67,608,675,262 $77,658,933,162
North Carolina Homes at Risk by Cat Level 30,785 58,829 62,456 46,086 46,556
  Total Homes at Risk 30,785 89,614 152,070 198,156 244,712
  RCV by Cat Level $5,866,070,772 $11,772,926,993 $12,629,945,559 $9,452,537,798 $9,272,277,927
  Total RCV $5,866,070,772 $17,638,997,765 $30,268,943,324 $39,721,481,122 $48,993,759,049
Georgia Homes at Risk by Cat Level 9,290 41,003 53,398 34,272 10,755
  Total Homes at Risk 9,290 50,293 103,691 137,963 148,718
  RCV by Cat Level $2,823,103,183 $10,173,092,963 $10,750,858,962 $6,419,508,663 $1,885,691,326
  Total RCV $2,823,103,183 $12,996,196,146 $23,747,055,108 $30,166,563,771 $32,052,255,097

Spotlight on Florida Metropolitan Areas

Metro AreaAt-Risk HomesCat 1Cat 2Cat 3Cat 4Cat 5
Daytona Beach Homes at Risk by Cat Level 2,356 19,640 36,052 38,650 16,489
  Total Homes at Risk 2,356 21,996 58,048 96,698 113,187
  RCV by Cat Level $582,387,240 $4,305,154,040 $7,046,566,209 $7,508,912,517 $3,787,267,882
  Total RCV $582,387,240 $4,887,541,280 $11,934,107,489 $19,443,020,006 $23,230,287,888
Melbourne Homes at Risk by Cat Level 10,623 23,337 20,673 14,212 12,880
  Total Homes at Risk 10,623 33,960 54,633 68,845 81,725
  RCV by Cat Level $2,341,371,868 $4,820,889,555 $3,850,353,685 $2,718,275,086 $2,226,499,129
  Total RCV $2,341,371,868 $7,162,261,423 $11,012,615,108 $13,730,890,194 $15,957,389,323
Miami Homes at Risk by Cat Level 75,903 130,463 176,225 193,465 204,426
  Total Homes at Risk 75,903 206,366 382,591 576,056 780,482
  RCV by Cat Level $12,712,225,634 $26,061,611,835 $35,007,645,170 $34,199,818,548 $35,968,082,235
  Total RCV $12,712,225,634 $38,773,837,469 $73,781,482,639 $107,981,301,187 $143,949,383,422
Jacksonville Homes at Risk by Cat Level 8,700 26,729 50,992 31,976 48,312
  Total Homes at Risk 8,700 35,429 86,421 118,397 166,709
  RCV by Cat Level $2,053,444,850 $7,262,311,370 $10,024,144,325 $6,471,760,420 $9,995,370,690
  Total RCV $2,053,444,850 $9,315,756,220 $19,339,900,545 $25,811,660,965 $35,807,031,655

Hurricane-driven storm surge flooding 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. This CoreLogic analysis measures exposure to damage from storm surge and does not include potential damage from wind and rain associated with hurricanes.

For more information on CoreLogic storm-surge methodology, data and analysis, download a copy of the more in-depth 2016 CoreLogic Storm Surge report at http://cl.internal.cvic.com/corelogic/url.php?cin=1y2d1y2d1x1z2d.

Media Contact:
Lori Guyton
Email Contact
(901) 277-6066

Alexandra Hayes
Email Contact
(484) 888-4412

The CoreLogic storm surge analysis encompasses single-family residential structures and also includes mobile homes, duplexes, manufactured homes and cabins, among other non-traditional home types. The 2016 CoreLogic Storm Surge Report provides a more granular and accurate analysis than in previous reports, now incorporating 10-meter grid cell elevation data rather than the 30-meter elevation data used previously. This enhanced granular view of data effectively increases resolution and accuracy of land elevation analysis by almost tenfold, giving insurers an even better way to analyze risk. Year-over-year changes in the number of homes at risk and RCV can be the result of several variables, including new home construction, improved public records, enhanced modeling techniques, fluctuation in labor, equipment and material costs, and even potential rise in sea level. As a result, direct year-over-year comparisons should be avoided. To estimate the value of property exposure of the single-family residences, CoreLogic utilized its proprietary reconstruction cost valuation methodology which estimates the cost to rebuild the home in the event of a total loss and is not to be confused with property market values or new construction cost estimation. Reconstruction cost estimates more accurately reflect the actual cost of damage or destruction of residential buildings since they include the cost of materials, equipment and labor needed to rebuild, and also factor in geographical pricing differences. Actual land values are not included in the estimates. The values are based on 100-percent or total destruction of the residential structure. Depending on the amount of surge water from a given storm, there may be less than 100-percent damage to the residence, which would result in a lower realized RCV.

About CoreLogic
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.

CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries.

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