Roughly a third of homes in America are at high risk of natural disaster according to data in a recent report from real estate data firm CoreLogic. As reported in CNBC, using information on both the severity and frequency of damage from natural disasters, the report generates a composite risk score posed by seven types of threats, from earthquakes to hurricanes.
The threat of damage by natural disaster appears to have been growing in recent years, with the NOAA reporting 22 weather or climate related disasters in 2020 with costs of more than $1 billion. 2020 was also noted for having the most hurricanes make landfall in the US, as well as having the most active wildfire season.
“The unexpected nature of these occurrences should encourage businesses to better prepare for potential risks,” Frank Nothaft, chief economist at CoreLogic, told CNBC.
“The trickle-down effect of a catastrophic event, as seen most recently by the pandemic, can result in a shaky economy with high levels of unemployment and mortgage delinquency.”
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