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dangers of foreclosure. CoreLogic released a
study that stated without proper insurance,
many homeowners impacted by natural
disasters such as tornadoes may be at increased
risk of foreclosure. CoreLogic's 2019 Insurance
Coverage Adequacy Report reveals how
underinsurance can leave an impact on the
lending industry.
"e disruption of a family's regular
flow of income and payments, as well as
substantial loss in property value, can trigger
mortgage default; especially if homeowners
are underinsured and cannot afford to rebuild,"
said Frank Nothaft, Chief Economist for
CoreLogic.
Disruption to income from natural
disasters including wildfires, tornadoes, and
hurricanes can lead to mortgage defaults,
and CoreLogic notes that delinquency and
foreclosures typically spike in an affected area
following a disaster.
"e financial impact of underinsurance
touches everyone; this is especially true
after a catastrophic event where widespread
property damage can cost billions of dollars,"
CoreLogic stated in the report.
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According to
Zillow, the
median home
value for Ohio
is $139,100,
with a
median list
price per
square foot
of $111.
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