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Dr. Howard Botts of Corelogic on Hurricane Sandy and the amount of property damage expected from the storm.
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-- dollars are in hurricane -- -- at risk for more damage from the storm -- that's been a major part.
Of this hurricane that's according to the real estate analytic firm.
Core logic now doctor Howard boxes the vice president of core logic space shall solutions -- and he joins us now.
-- -- -- tell us about.
The value that we're talking about -- talk about 88 billion dollars in.
And how -- in we have a lot of questions for -- about where of the areas that may see the biggest damage.
Well when we talk about 288.
Billion dollars or 200 and 88 thousand homes there.
And billions of dollars in damage really talking about the mid Atlantic region but the area we're most concerned with is how Long Island Sound New York City area.
Where we see a 1191000.
Homes about 45 billion dollars.
The end of potential damage we're gonna see perhaps the largest storm surges ever recorded in these areas.
And even with coming a little bit before high tide we still believe that this is gonna have substantial property damage.
About property insurance.
Valid.
We just had one of our reporters on earlier today talking about you know -- -- they would don't have the kind of insurance you need to cover the damage so what about property insurance.
Well that is -- a real concern.
Give any homeowner buying a home.
Has to get a flood certification and if -- in a hundred year flood zone.
You're required -- by federal flood insurance.
In the case of the New York City properties.
68%.
Of these homes are not in flood zones and likely are not insured.
In which means seeing in the case of water damage share their homeowners policies exclude them.
Other maybe some cases of basement flooding and others that may be covered but.
By and large and less people bought supplemental policies.
Other risk for for all the damages from flood as opposed to wind damage.
Doctor box in view focus with geographic information systems looking at these areas providing information for insurance industry's.
A lot of viewers are watching today they're very nervous.
What are the main things they should know now for the next 24 hours or what are the mean things on your brain right now.
Well -- Our concern is always before the storm trying to educate people as to what the -- are.
Short of moving their homes -- really all people can do is make sure you're in a a surge evacuation area get out with your family events and and valuables but there's very little -- homeowner can do to mitigate against storm surge damage.
A cubic meter of water ways about 18100 pounds if you think about all the water that's being pushed onshore.
Over the course of many hours.
It's gonna do tremendous damage to homes all along the particularly Long Island Sound area.
Where you have nowhere for the a storm surge ago -- gets pushed into the area.
That can't go down can't go to the side so just goes up on the land.
So a vacuum -- getting free of the area it's really the only who thing that homeowners can do now they're really mitigate the risk.
Are about thirty seconds.
While other than homeowners what about commercial businesses -- -- double whammy isn't it -- -- -- -- they suffer structural damage -- business may be down for a while because.
Well you may not be able to open your business and B people can't get -- you anyway.
Right absolutely insurers were very please this year they've had very few catastrophic.
-- losses.
Particularly in the commercial area but.
In this case.
Commercial -- these are insured against -- and so you're gonna have.
Business and eruption in inventory.
All these things are gonna be contributory.
Do you think about the air or ports maybe being out for some time the subways bridges and tunnels it's gonna have huge commercial impact.
No doubt doctor Howard -- you're actually right.
This is obviously out widespread.
All across the eastern seaboard -- top to bottom.
And everybody is bracing for the landfall we thank you so much for your professional and -- power -- core logic good stuff where are.
