Absolutely.
I note there are some areas usually rated as less prone to mass natural disaster (not a lot of hurricanes, earthquakes, wildfires, tornadoes, large floods, or so on). Here is a “fun” study if you are interested:
But even the states low on that list face something that could affect a college, particularly at a bad time for an individual student–snow storms, for example.
So not that it is necessarily the only factor, but thinking about how your student would be able to travel if necessary in such a situation is maybe worth considering among other practical issues.