Increasingly extreme weather, from floods to wildfires to high-category hurricanes, are causing increasing damage to the nation's neighborhoods. Now, new research shows much of the nation's housing stock may be underinsured for these disasters.
Last year, 14 different natural disasters, from record-setting wildfires in California to devastating hurricanes in Florida, cost the United States $91 billion, according to the National Oceanic and Atmospheric Administration. It was the eighth consecutive year with at least eight disasters in the billion-dollar range.
Undervaluing properties for many years can create problems beyond the one-time claim, according to CoreLogic's report. If building and labor costs are not continually monitored, claims estimates may be inaccurate. In coastal hurricane-prone areas along the Northeast Atlantic and Gulf Coast regions, Corelogic identified about 1.1 million properties at very high to extreme risk of loss from storm surge. Just in Florida alone, reconstruction of at-risk properties is estimated at $240 billion, with the recent increase in costs."The financial impact of not updating reconstruction costs for two years is significant," according to the report.
इंडिया ताज़ा खबर, इंडिया मुख्य बातें
Similar News:आप इससे मिलती-जुलती खबरें भी पढ़ सकते हैं जिन्हें हमने अन्य समाचार स्रोतों से एकत्र किया है।
Malaysia's Proton to get $455 million financing from China Construction BankMalaysia's national carmaker Proton has secured 1.88 billion ringgit ($455....
और पढो »
New Senate GOP offer on disaster aid bill gives $300 million boost to Puerto RicoDemocrats and the White House are reviewing the offer after a months-long logjam over the multibillion-dollar disaster aid bill.
और पढो »
HSBC beats estimates with 31 percent first-quarter profit rise as costs declineHSBC Holdings PLC beat forecasts with a 31 percent rise in quarterly profit, bol...
और पढो »
UK decides to keep pennies in circulation despite rise of cashless paymentsOne pence and 2 pence coins will remain in circulation a year after the U.K. finance minister had called the coins 'obsolete.'
और पढो »
Wynn Resorts keeps Massachusetts gaming license with $35 million fineMassachusetts gaming regulators on Tuesday fined Wynn Resorts Ltd $35 million fo...
और पढो »
Wynn Resorts Fined $35 Million But Keeps License for Massachusetts CasinoGaming authorities ruled on Tuesday that Wynn Resorts could keep its Massachusetts gaming license but slapped the casino operator with a fine for covering up sexual misconduct allegations against company cofounder and billionaire Steve Wynn.
और पढो »
Marriott dives into home-rental market to keep an edge on AirbnbStarting next week, guests will be able to book homes in 100 markets throughout the United States, Europe, the Caribbean and Latin America, Marriott announced Monday.
और पढो »
Wynn Resorts fined $35 million over allegations levied against Steve WynnWynn Resorts gets to keep its Massachusetts gaming license, but the state gaming commission is imposing a multi-million dollar fine on the company.
और पढो »
Massachusetts Gambling Regulators Levy $35 Million Fine Against Wynn ResortsMassachusetts gambling regulators said casino giant Wynn Resorts Ltd. can retain its license to open a new casino in the state, despite finding violations of state regulations stemming from the company’s handling of sexual-misconduct allegations against founder and former Chief Executive Steve Wynn.
और पढो »