Convective storms added to a year of extreme weather events that will put pressure on property insurance rates, particularly in a few hard-hit states, a new report shows.
CoreLogic released its , highlighting patterns of serious convective storm activity that could potentially affect the insurance .
The report highlights trends and patterns in frequency, severity and geographic distribution of severe convective storm activity over the last year and into 2025.
The report details hail, tornado wind and straight-line wind risk by state and metros.
Chicago metro area has the largest concentration of risk for all three perils, with nearly 3 million homes at risk of damage from hail, and more than 3 million homes at risk of tornado or straight-line wind damage. The homes have a combined $1.4 billion in reconstruction costs value, according to the report.
The 3 million homes in Chicago at risk from winds of 65 mph and up have an estimated reconstruction value of $1.46 billion. New York’s 2.28 million homes at risk from winds of that strength have a reconstruction value of $1.2 billion, and Dallas, Texas has 2.1 million homes at risk with a reconstruction value of $1.2 billion.
Damaging hail in Texas in 2024 impacted more than 180,000 homes, followed by Nebraska (69,855 homes), Missouri (62,212), Oklahoma (62,212) and Kansas (22,646), the report shows.
Topics Windstorm
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