H OUSING N EWS R EPORT
May 2016
family homes and condos, with a combined estimated market value of $6.6 trillion, are in counties with high or very high natural hazard risk. Those 35.8 million homes represent 43 percent of the 83.4 million single family homes and condos in all counties analyzed for the report. States with the most homes in high risk or very high risk counties for overall natural disaster risk are California (8.4 million), Florida (6.7 million), New York (2.4 million), New Jersey (2.3 million) and North Carolina (2.3 million). The cities with the high natural disaster risk are: New York (3.5 million homes at high risk), Los Angeles (2.5 million), Miami (1.9 million), Houston (1.2 million), and Riverside-San Bernardino in Southern California (1.1 million).
flood insurance to protect against flood losses.”
In the past, the major obstacle for private sector flood insurance has been the inability of private carriers to compete with the subsidized premiums offered by the NFIP. “Because the industry is well capitalized, many in the insurance industry want to take on flood insurance,” said Griffin, referring to the increased interest from private insurers to write flood insurance policies. “It’s a changing marketplace. A few years ago, there was no interest in writing flood insurance. Now there’s strong interest from the private sector to write flood insurance policies.” 36 Million U.S. Homes At ‘High Risk’ of Natural Disaster A 2015 report released by RealtyTrac found that 43 percent of U.S. homes and condominiums are at “high risk” or “very high risk” of being struck by natural disasters. RealtyTrac’s U.S. Natural Disaster Housing Risk Report, found that 35.8 million U.S. single
“ There’s interest in the market place for private insurers to provide flood insurance. ” Jim Whittle Assistant General Counsel American Insurance Association Washington, D.C.
Waiting for the ‘Big One’
While flooding due to hurricanes and thunder storms affects property in coastal America, earthquakes, wildfires and drought plague Continued Next Page
10 Most Costly Insured Fires
Fire Name
Structures
State & Year
Acres
Great Chicago Lower Michigan Cedar Valley Bastrop County Witch Creek Butte Painted Cave Giant Berkley Hayman
undetermined 2,500,000 275,000 76,070 34,000 197,900 70,870 4,900 undetermined 136,000
Illinois, 1871
17,400
3,000
Michigan, 1881 California, 2003
2,820
1,958 1,700 1,650
California, 2015 Texas, 2011 California, 2007
818
California, 2015 California, 1990 California, 1923 California, 2002
641 624 600
SOURCES: National Interagency Fire Center, Cal Fire, Claims Journal
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