CoreLogic: 57K Homes in Florida Totaling $13.B RCV At Risk from Hurricane Michael

At least 57,000 homes along Florida’s Gulf Coast with a reconstruction cost value (RCV) of about $13.4 billion are a potential risk of storm surge damage from Hurricane Michael, according to a data analysis released Monday by CoreLogic.

The catastrophe modeling firm said the damage estimate is based on Hurricane Michael’s projected path as a Category 3 storm, which is what it was forecast to make landfall as, according to reports Monday from the National Hurricane Center.

CoreLogic said the most homes with exposure to storm surge risk given the path of the storm are in the areas of Crestview, For Walton Beach and Destin, Fla., where 29,340 homes would be affected with a total RCV cost of more than $8.2 billion. Panama City, Fla., could see 20,390 homes damaged with a total RCV cost of more than $3.9 billion. Florida’s capital of Tallahassee could experience damage of more than $1.2 billion to 7,272 homes.

The RCV figures assume 100 percent destruction of all at-risk homes – and represents the worst case scenario, CoreLogic said. The figures reflect the Core-Based Statistical Areas (CBSAs) located along the Florida Coast that could potentially be affected.

Hurricane-driven storm surge can cause significant property damage when high winds and low pressure cause water to amass inside the storm, releasing a powerful rush over land when the hurricane moves onshore.

Source: CoreLogic