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Hurricane Michael Damage Estimated at $3-5 Billion

CoreLogic has updated its residential and commercial storm surge and wind loss estimates for Hurricane Michael.

According to this new data analysis, the wind losses for residential and commercial properties in Florida are expected to be between $2 billion and $3 billion and the storm surge losses, including losses covered by National Flood Insurance Program , are expected to be an additional $0.5 billion to $1 billion. The analysis includes insured losses. Corelogic provides global property information, analytics and data-enabled solutions.

The post-landfall estimates below have been updated based on the Oct. 11, National Hurricane Center advisory of the storm. It was unlikely that inland flooding would be a major contributor to loss totals. This analysis includes residential homes and commercial properties, including contents and business interruption and does not include broader economic loss from the storm.

Below the table illustrates the loss to states due to the devastation of Hurricane Michael, most of which afficted Florida.

Hurricane Michael Combined Residential and Commercial Loss (Includes Wind,National Flood Insurance Program and Non-NFIP Storm Surge.)

State State Loss ($Billions)
Florida $2.5 to $4
Other States $0.5 to $1
Total $3-$5 Billion

 

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