BuildFax U.S. Hurricane Recovery Report Reveals a Nearly 25 Percent Increase in Preventative Upgrades to Properties in 2018
AUSTIN, Texas--(BUSINESS WIRE)--Mar 27, 2019--In the BuildFax Natural Disaster Report released today, the company analyzes residential maintenance activity in 2017 and 2018 following four major storms in the U.S. —Hurricanes Irma, Harvey, Florence and Michael. The report outlines average hurricane recovery timelines, the highest volume of repairs for each hurricane and regions that experienced the largest increases in preventive measures. Insight into preparedness activity gives insurers insight into which properties have a higher likelihood of withstanding future events and which may be riskier heading into the next hurricane season.
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Hurricane Recovery (Graphic: Business Wire)
BuildFax findings reveal:
- The average recovery period for 11 major hurricanes between 2000 and 2018 was 10.7 months.
- Hurricanes Irma and Harvey exceeded average recovery timelines, while the rebuilding period for Florence and Michael is projected to be shorter than average.
- Roof repairs made up 55.43 percent of maintenance work following Irma and electrical repairs comprised of 33.00 percent of maintenance work following Florence.
- Storm shutter installations, a key preventative upgrade for properties at risk of storm damage, spiked 24.81 percent last year.
“As hurricanes increase in frequency and intensity, recovery patterns are changing based on the nature of the storm and the property risk landscape,” said BuildFax COO Jonathan Kanarek. “Leveraging key hurricane recovery and preventative activity insights in the wake of a disaster can elevate efficiencies in insurer underwriting and claims functions for future storms. This is paramount to ensuring the best experience for homeowners and assisting in a quicker economic recovery.”
BuildFax, headquartered in Austin, Texas, is trusted by the largest insurance and financial institutions in the world to deliver business-critical property condition and history data. With the only database of its kind encompassing more than 23 billion data points on commercial and residential structures, BuildFax delivers detailed data on remodeling, solar installations, new construction, roof age, major systems, maintenance history and more. To learn more about BuildFax, visit www.buildfax.com.
METHODOLOGY: BuildFax conducted this study by examining properties in the U.S. between 2000 and 2018. Hurricane timelines are computed by comparing similar geographies and assessing the historical spread between the two groups to establish a start and end point of post-hurricane recovery. Due to historical revisions made by permitting authorities, the data is subject to change. Estimates are as of year-end 2018.
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CONTACT: For BuildFax,
Caitlin New, 512-906-9103
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE OTHER CONSTRUCTION & PROPERTY
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PUB: 03/27/2019 08:00 AM/DISC: 03/27/2019 08:01 AM