Slideshow: Sandy Could Hit $87 Billion of Residential Property in 7 States

"This is a large, slow-moving, persistent and dangerous storm. Its impacts are going to be far-reaching and no doubt very costly."

Homes in seven coastal Mid-Atlantic states and eight major metro areas -- 284,000 total residential properties valued at almost $88 billion -- stand in the path of Hurricane Sandy, according to CoreLogic, a producer of information, analytics and business services.

The data were developed based on the projected path of Hurricane Sandy as of 12:30 p.m. ET Monday, Oct. 29. 

"This is a large, slow-moving, persistent and dangerous storm. Its impacts are going to be far-reaching and no doubt very costly," said Dr. Howard Botts, vice president and director of database development for CoreLogic Spatial Solutions.

CoreLogic released its estimates assuming that Sandy will hit the coast as a Category 1 hurricane. Within that region, more than 238,000 total properties valued at nearly $75 billion stand at risk in eight major metro areas from Virginia to New England.

Topping the list by ZIP code is Massapequa, on the south shore of Long Island, with more than 4,500 homes and more than $4.6 billion in total structure value at risk.

Hurricane-driven storm-surge flooding can cause significant property damage when high winds and low pressure causes water to amass inside the storm, releasing a powerful rush over land when the hurricane moves on shore. The CoreLogic analysis measures damage from storm surge and does not include potential damage from wind and rain associated with hurricanes.

The number of residential properties in each metro area and their respective potential exposure to damage are as follows:

New York City-Northern New Jersey-Long Island, NY-NJ-PA

Number of Properties at Risk: 119,312

Value of Properties at Risk: $48,064,953,474

Virginia Beach-Norfolk-Newport News, VA-NC

Number of Properties at Risk: 59,042

Value of Properties at Risk: $10,029,968,947

Atlantic City-Hammonton, NJ

Number of Properties at Risk: 20,283

Value of Properties at Risk: $4,807,676,476

Boston-Camridge-Quincy, MA-NH

Number of Properties at Risk: 10,491

Value of Properties at Risk: $2,959,837,038

Baltimore-Towson, MD

Number of Properties at Risk: 10,010

Value of Properties at Risk: $3,508, 329,420

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

Number of Properties at Risk: 8,747

Value of Properties at Risk: $1,417,862,696

Ocean City, NJ

Number of Properties at Risk: 8,080

Value of Properties at Risk: $3,444,625,200

Washington-Arlington-Alexandria, DC-VA

Number of Properties at Risk: 2,207

Value of Properties at Risk: $734,901,116

Page 1 of 9
Comments

Resource Center

View All »

High Risk Insurance Coverage in the E&S Market

Experts discuss market conditions, trends and projected growth in a rapidly changing niche.

Top E-Signature Security Requirements

This white paper covers the most important security features to look for when evaluating e-signatures...

EPLI Programs Crafted Just For Your Clients

Bring us your restaurant clients, associations and other groups and we’ll help you win more...

Is It Time To Step Up And Own An Agency?

Download this eBook for insight on how to determine if owning an agency is right...

Claims - The Good The Bad And The Ugly

Fraudulent claims cost the industry and the public thousands of dollars in losses. This article...

Leveraging BI for Improved Claims Performance and Results

If claims organizations do not avail themselves of the latest business intelligence (BI) tools, they...

Top 10 Legal Requirements for E-Signatures in Insurance

Want to make sure you’ve covered all your bases when adopting e-signatures? Learn how to...

Get $100 in leads with $0 down!

NetQuote's detailed, real-time leads have boosted sales for thousands of successful local agents across the...

The Growing Role of Excess & Surplus Lines in Today’s...

The excess and surplus market (E&S) provides coverage when standard insurance carriers cannot or will...

Increase Sales Conversion with this Complimentary White Paper

This whitepaper will share proven techniques - used by many of the industry's top producers...

Personal Lines Pro eNewsletter

Critical insights into the personal auto, homeowners, and other consumer insurance markets to help P&C professionals stay informed – FREE! Sign Up Now!

Advertisement. Closing in 15 seconds.