More than 32.7 million residential properties from Texas to Maine are at risk of moderate or severe damage sustained from hurricane-force winds during this year’s Atlantic Hurricane Season, according to the 2024 Hurricane Risk Report published by CoreLogic.
The depth and scope of at-risk properties equates to a combined reconstruction cost of $10.8 trillion. CoreLogic noted the 2024 hurricane season is forecasted to be highly active – the National Oceanic and Atmospheric Administration is forecasting 17 to 25 named storms, eight to 13 hurricanes and four to seven major hurricanes, a situation exacerbated by to near-record high ocean temperatures in the Atlantic, the onset of La Nina conditions in the Pacific, diminished trade winds and reduced wind shear.
“Insurance remains one of the most important tools for a resilient society, given the role it plays in recovery. Being able to quantify risk helps insurance companies make informed risk decisions, which is critical in the evolving hurricane landscape,” said Maiclaire Bolton Smith, CoreLogic’s vice president of hazard and risk management. “With the potential for an active hurricane season on the horizon, insurers and homeowners should do everything they can to prepare and mitigate as much risk as possible.”
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So, these 33,000,000 homeowners have paid about $66,000,000,000 (at $2000 a year, per home) in premiums, this year alone, for protection. I think the insurance companies are covered.