Triple-threat” exposure faced by 33,000 homes around the country: CoreLogic

An estimated 33,000 homes face a “triple threat”—year-round exposure to three separate natural disaster perils, according to research from CoreLogic.

CoreLogic analyzed several different types of natural disaster: hurricane, wildfire, inland flood, severe convective storm and severe winter storm. The most at-risk homes are located across 20 metropolitan areas, with Miami and Naples, Florida, and Houston, Midland and Odessa, Texas, topping the list.

“These ‘triple-threat’ homes represent thousands of at-risk families and bring the relationship between accelerating natural disasters, underinsurance and geographic vulnerabilities into sharp relief,” said CoreLogic in a recent blog post. “While the number of affected properties may seem small compared to national totals, the risk is staggering. The convergence of these perils—whether it’s a hurricane season followed by wildfire or inland floods heightened by winter storms—creates a relentless cycle of exposure.”

Miami had the most homes exposed to hurricanes, flood and wildfire, which CoreLogic found to be the most common combination of perils faced by homes.

CoreLogic also examined the peril by another metric—the highest percentage of homes exposed to extreme weather loss in a given city. By that measure, Ellensburg, Washington, tied with Snyder, Texas, both with 5% of all homes exposed to three perils.

According to the firm, the combination of perils for many property owners should highlight potential gaps in insurance coverage and guide efforts to boost long-term resilience in these and other regions.

Homeowner Considerations

Climate-related risks have been increasing in both frequency and damage costs. Consequently, more homes may be exposed to perils today, such as flooding and wildfire, that weren’t in years past.

Homeowners in all regions of the United States should review their insurance carefully to identify potential exposures. Making home improvements can also help reduce risk and potentially lower policy costs. Consult with Sanford & Tatum, An Alera Group Company to review your insurance options to ensure you’re sufficiently covered in case of natural disasters

The content of this News Brief is of general interest and is not intended to apply to specific circumstances. It should not be regarded as legal advice and not be relied upon as such. In relation to any particular problem which they may have, readers are advised to seek specific advice. © 2024 Zywave, Inc. All rights reserved.