CoreLogic: 20M Houses at High Risk from Severe Convective Storms

Twenty million single-family homes are at high risk from severe convective storms, reported CoreLogic, Irvine, Calif.

The firm’s 2023 Severe Convective Storm Risk Report analyzed the risk of severe convective storms in the United States, including straight-line winds, tornadoes, hail and severe thunderstorms. 

“The atmospheric changes that bring on severe storms produce events that are geographically large with irregular shapes,” said Tom Larsen, Senior Director of Insurance Solutions at CoreLogic. He noted accurate risk assessment is critical for insurance companies and communities alike as severe weather events increase in severity and frequency with climate change.

CoreLogic cited the March 31 severe storms responsible for more than 500 reports of tornadoes and hail from Texas to Ohio. “[Convective storm] events are among the most frequent and damaging natural hazards in the country, causing the biggest weather-related property damage nationwide,” the report said. “As a result, it is also the most important time for insurance providers to assess their risk and implement measures to safeguard policyholders against future perils.” 

CoreLogic estimated severe convective storms account for an average annual loss exceeding $17 billion among the insured, with hail damage accounting for more than $11 billion of those losses. Last year 11 severe convective storm events caused losses that equaled more than $1 billion.

CoreLogic examined the top five states that sustained the greatest amount of damage last year: 

•       Extreme winds exceeding 80 mph associated with severe convective storm activity affected more than half a million homes in 2022 with Texas, South Carolina, California, South Dakota and Indiana among the top five. 

•       More than a million homes in the U.S. were damaged by hailstorms last year, especially in Texas, Minnesota, Arkansas, Nebraska and Iowa.

•       Almost 8,000 homes across the U.S. were affected by tornado damage in 2022, with nearly 250 homes immediately impacted by the wind spiral of the tornado, and others damaged by peripheral effects, primarily flying debris. Texas, Ohio, Florida, Iowa and Mississippi sustained the most damage. 

Note – the total number and map above includes extreme winds associated with hurricane activity. In Florida alone, 728,485 homes were impacted by winds greater than 80 mph, mostly attributed to Hurricane Ian in September 2022.