Filed Under:Agent Broker, Coverage & Policy Issues

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

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