Catastrophe Restoration

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CoreLogic has announced the launch of a new service, Roof IQ, which pinpoints specific homes damaged by storms so roofing professionals can more effectively identify prospects and manage lead-generation activities.

CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its 2017 Storm Surge Report which shows that nearly 6.9 million homes along the Atlantic and Gulf coasts are at potential risk of damage from hurricane storm surge inundation with a total reconstruction cost value (RCV) of more than $1.5 trillion (Table 1).

The United States gets more tornadoes than any other place on earth, by far. The National Centers for Environmental Information says the U.S. sees about 1,250 tornadoes per year; Canada is a close second with about 100 per year.

Shortly after graduating from college, I spent the better part of four years living on a horse farm in rural Southwestern Pennsylvania. In addition to working as a national account manager for the 84 Lumber Company, I spent my spare time mucking stalls, feeding horses, mending fences, and making hay on the farm in exchange for rent.

Catastrophes, while terrible for people in the affected area, produce a lot of restoration and remediation work in a concentrated area, making them an incredible business opportunity for restoration contractors.

As storms, hurricanes and floods become more frequent, the need to restore properties to a pre-loss condition faster and more efficiently will become more and more critical. As average temperatures across the globe have increased, more rain has fallen during the heaviest downpours.

In late January, CoreLogic released its annual Natural Hazard Risk Summary and Analysis. According to their research, 2016 had “average or below-average activity for most U.S. natural hazards with the exception of flood and wind, both of which saw above-average activity, due in large part to Hurricane Matthew.”