Hurricane season is underway, and a new report finds millions of homes are at risk of flood damage through the season's end.

Christopher Furlong, Getty Images

More than four million residences along the Atlantic and Gulf Coasts, valued at a combined $1.1 trillion, could experience hurricane-related flooding, according to the latest Storm Surge Report from CoreLogic.

"From our analysis, it appears that New Jersey has about 350 thousand residential properties at risk, which puts it fourth on the overall list," said Senior Hazard Scientist Dr. Thomas Jeffrey.

The value of potential damage sits at more than $118.7 billion in New Jersey alone, ranking the state behind only Florida and New York.

It would take a full season of "perfect storms" to reach those mammoth numbers, but the report shines a light on how vulnerable states can be along the coastline. Public awareness of the risk has become more accepted by Garden State residents recently, given the horrific effects of Superstorm Sandy in October.

"It's important to know that if that storm would've tracked slightly differently, it would've been a different group of people that were impacted," Jeffrey said.

Sandy affected approximately 650,000 homes over several states, causing an estimated $50 billion in damage.