In a recent article published on CoreLogic, more than 6.6 million homes on the Atlantic Coast and Gulf Coast are at risk of storm surge inundation from a hurricane. An estimated $1.5 trillion is needed for a total reconstruction, should this natural disaster strikes and affects these homes.
The analysis from CoreLogic finds that around 3.8 million homes situated on the Atlantic Coast and an additional 2.9 million homes on Gulf Coast are prone to hurricane storm surge flooding. In terms of total reconstruction cost value (RCV), an estimated $939 billion will be needed for affected Atlantic Coast homes while $549 billion will be allotted for Gulf Coast homes.
What are the most vulnerable states to hurricane storm surge flooding?
Yes, you guessed it right. Florida has the highest total number of properties at different risk levels. Around 2,509, 812 properties in Florida are prone to the destructive effects of hurricane storm surge. Aside from Florida, other states that have the highest total number of properties at risk are Louisiana, New York, New Jersey, Texas, and Virginia.
In terms of total reconstruction cost value (RCV), the five states that have been found by CoreLogic to have the highest RCT for homes at risk are the following: Florida with $491,119,183,016, New York with $177,398,620,779, Louisiana with $162,096,659,527, New Jersey with $126,829,146,685, and Virginia with $91,049,049,641.
You can find more information on the study by clicking here.
How to protect your South Florida property investment?
You may be required by law to have a flood insurance coverage for your South Florida property if it is situated in an area with a high risk of flooding. You should be aware that flood insurance is not included in homeowner’s insurance policies. This is purchased separately.
Flood insurance providers in Florida conduct studies on flood risks by studying topographical maps that show flood risks in areas like lowlands, floodways, and floodplains. In South Florida, residents enjoy the benefits of living close to the coast, but this location is so flat that a sea level rise of 5 to 7 inches can lead to destructive problems, according to Dr. Leonard Berry, former director of the Center of Environmental Studies at Florida Atlantic University.
If your property is situated in an area where there is high risk of flooding, you should get the best and most affordable flood insurance in South Florida. If you need a flood insurance quote for your South Florida property, contact us through 954-734-7429. We’ll make sure that your property gets the right coverage at the right price!