As many Americans brace for the impending impact of Hurricane Florence, a new report details some of the damage done during the 2017 hurricane season and forecasts the ramifications of this year's season.
Millions of homes are endangered and trillions of dollars in damage may be on the horizon for this year's hurricane season, according to a recent report by CoreLogic, based on forecasts from the National Oceanic and Atmospheric Administration. Of the top 10 metros most at-risk for storm surge, six are in Florida. The top two are Miami, with 788,679 total homes at risk and $156,109,638,962 in total construction costs, and New York, with $277,316,495,768 in construction costs and 726,048 homes at risk, Realtor.com reports.
The National Association of Realtors is again lobbying Congress for reauthorization of the National Flood Insurance Program before the July 31 expiration to avoid disrupting the housing market. The lobbying group said each time the program lapses, it costs 40,000 property sales per month. What’s more, because each insurance policy is written for a year at a time, a lapse in a policy attached to a mortgage may constitute a default.
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