Thursday, August 23, 2018

CoreLogic: Hurricane Lane Threatens 48,000 Homes

Irvine-based property information provider CoreLogic is estimating this morning that Hurricane Lane, currently spinning not far from Hawaii's Big Island as Category 4 storm, threatenes more than 48,000 homes in Hawaii--with a reconstruction value of more than $8 billion. According to CoreLogic, its analysis, which includes only single-family residential properties, attempts to determine those likely to be impacted by a lower category storm. CoreLogic said 48,617 homes in Hawaii are threatened by the storm. Hurricane Lane is one of the strongest hurricanes ever measured in the Central Pacific Ocean, and is aimed at a state which hasn't seen a hurricane landfall in 23 years. CoreLogic hasn't necessarily had a great track record on predictions in the past; right before Hurricane Harvey last year, the company estimated more than 200,000 homes were threatened by that hurricane, with a reconstruction value of between $1 billion and $2 billion. However, CoreLogic later placed insurance losses on Harvey to $25 billion to $37 billion. In the case of Hurricane Harvey, researchers say climate change made the storm more powerful, and increased its toll due to flooding.