Where in the U.S. are homeowners most at risk of extreme weather?
Summary
A Cotality report ranks Louisiana as the state with the greatest overall exposure to extreme weather and projects its average annual housing losses will rise from $6.7 billion to $11.4 billion by 2050. The report says flooding, hurricanes and severe storms will drive losses nationwide, with California and Texas currently recording the largest annual losses in dollar terms.Key Facts
- Cotality ranked states by the severity and likelihood of extreme-weather hazards.
- Louisiana ranked highest for overall risk, followed by Mississippi and Florida.
- Cotality projects extreme-weather losses in Mississippi and Florida will grow by about 62% and 54%, respectively, by 2050.
- The 10 states with the highest risk are projected to see losses rise about 47% by 2050, compared with nearly 38% in the 10 least-exposed states.
- California currently has the largest average annual losses at $18.2 billion; Cotality projects $22.4 billion a year by 2050.
- Texas has current average annual losses of $11.5 billion, projected to reach $16.5 billion a year by 2050.
- A separate First Street report found severe storms generated $794 billion in insurance payouts over the past 25 years.
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