Front and center in the news right now is Hurricane Harvey and resulting devastation, which will most likely remain in the news for awhile.
Posts Tagged ‘CoreLogic’
CoreLogic recently released new wildfire data, the CoreLogic Wildfire Risk Analysis, that states that nearly 900,000 single-family homes across 13 states in the western U.S. are currently designated at “High” or “Very High,” risk for wildfire damage, representing a combined total reconstruction value estimated at more than $237 billion. Of the total homes identified, just over 192,000 homes fall into the “Very High Risk” category alone, with total reconstruction cost valued at more than $49.6 billion. Other categories include “Moderate” and “Low” risk. GISCafe spoke with Dr. Tom Jeffery of CoreLogic to find out the scoop on this important new information for homeowners, insurance companies and other stakeholders.
Dr. Tom Jeffery: In the past we used what’s called the assessed property value which is based on tax assessment. We’ve actually changed that so it matches what we do with storm surge which is reconstruction value of these homes. This is going to be the cost of labor and materials in each of the different locations to replace the structure that would be lost in the event that a wildfire destroyed the whole thing. California is right at the top of the list, in most cases, because of wildfire risk throughout the state, but Colorado and Texas are also states that are usually ranked very high. They continue to do so through this report. There is one overarching factor that pops out whenever we do these reports. When we see results for the first time, we see how many homes are at risk in the total U.S. and what those values are. They are exceptionally high in those areas.
GISCafe Voice: What determines what states are ranked high?
TJ: Because you have large population centers in California, Texas and Colorado, and those urban areas that continue to grow, the pace of the growth is going to grow from year. All three of those states continue to have urban expansion and new homes constructed continue to push out into areas that have higher risk. There’s a lot of risk in those three states as well. A lot of people and a lot of risk is a combination that put those three to the top of the list.
GISCafe Voice: How do you assess the risk score?
TJ: The risk score itself is really based on several factors we combine, the first is the risk on the property, and that determines our categories of high, moderate high and very high, those determine the risk on the property. It’s based on what fuel is there, based on vegetation, if there’s change of terrain, if there’s a steep slop which enhances the risk, that determines the category. But for the score we actually want to look outside the property boundary to risk in close proximity to that property. So if you own a property maybe you have a nice manicured lawn, decorative trees, you don’t have any risk on the property. But just outside the boundary there could be a lot of chaparall in Southern California, for instance, a dense conifer or pine forest, in other areas. If that exists really close to your property that raises the risk value.
So we measure the distance from a property to what’s around it in terms of risk and then we add that to the category or risk on the property, and we add that to the score. The score is going to be 0-100 numeric-based and anything that’s 80 and above is extremely high risk. We have those broken out in the tables, so you can see even though if you look at the U.S. as a whole, there are going to be 192,000 properties that are listed as very high. And that’s looking at the risk on the property. As soon as we look at the score – and the score 81-100, we go from 192,000 all the way up to 1.1 million. So really those homes on the urban edge pushing out in to the wilder areas are the ones that the score is picking up and that’s why the scores are jumping from 192,000 to 1.1 million. It’s the homes that don’t have the risk within their borders and boundaries but have it just outside that are at most risk.
GISCafe Voice: What are insurance companies concerned with when they consult with you?
TJ: Most of those discussions with insurance company representatives revolve around mitigation, which is, how can homeowners reduce the risk on the property and which properties need that? More and more insurance companies have to write these policies and there are so many high risk policies they can’t ignore. What they’re trying to do more and more is identify the high risk properties, then identify ways they can talk to land and homeowners and clear brush around the homes, make sure it’s not a wood shake roof, all these things do to reduce the risk on higher risk. It helps homeowner in the long run because it’s less risk for their home, also helps insurance companies so they both benefit from things homeowners can do to reduce risk on property.
Dr. Howard Botts of CoreLogic spoke with GISCafe Voice this week, to discuss the company’s expansion of its natural hazard risk management capabilities through the addition of Weather Fusion hail, wind and lightning weather forensics to provide near real-time property-specific weather event verification. The combination of proprietary CoreLogic data and analytics with Weather Fusion weather peril verification will enable the insurance and other industries to more reliably identify loss shortly after a weather event occurs through single-source access to multiple weather data sets and solutions.
According to Botts, CoreLogic has made a major effort to acquire a number of synergistic insurance and natural hazard related businesses to augment their traditional offerings of parcel and building characteristic data.
Living in the American Southwest, where wildfires during the summer months are a constant threat, we are very grateful for the type of research that CoreLogic does with its risk reports. Not only does the company provide data, services and analytics on wildfires, they also provide information on flooding, which is the predictable aftermath of wildfires in the Southwest, as there is nothing left to stop rainwater from roaring down mountainsides and filling arroyos.
CoreLogic senior hazard scientist, Dr. Thomas Jeffery, the primary author of this year’s CoreLogic Storm Surge Report, answered some questions about their research.
Among the predictions made for Hurricane Sandy, CoreLogic released data showing potential exposure to residential property damage from hurricane-driven storm-surge flooding as Hurricane Sandy makes its way toward the U.S. Atlantic Coast.
“Based on current forecasts, Sandy is likely to make landfall along the northeastern Atlantic coast early Monday,” said Dr. Howard Botts, vice president and director of database development for CoreLogic Spatial Solutions. “Though it is still early and the projected path is constantly changing, Sandy could pose an enormous threat to major metropolitan areas in the Northeast, like New York City and Long Island, Atlantic City and Baltimore.”
The data shows more than 261,000 total residential properties valued at over $80 billion at risk for potential storm-surge damage among the coastal Mid-Atlantic states, assuming the storm hits the coast as a Category 1 hurricane. Within that region, more than 210,000 total properties valued at over $67 billion stand at risk in five major metro areas from Virginia to New York.
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