Some counties did not experience the full impact of a category 4 hurricane as Michael weakened over land
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Hurricane Michael is now expected to have caused wind and storm-surge losses between $3 billion to $5 billion on residential and commercial properties, according to an updated analysis by CoreLogic.
The wind losses for residential and commercial properties in Florida are expected to be between $2 billion and $3 billion. The storm-surge losses, including losses covered by National Flood Insurance Program, are expected to be an additional $500 million to $1 billion. CoreLogic’s analysis accounts for insured losses.
Wind and storm-surge losses in other states are estimated to be between $500 million and $1 billion.
CoreLogic updated its post-landfall estimates based on the Oct. 11, 11 a.m. EDT National Hurricane Center advisory of the storm. While it is unlikely that inland flooding will be a major contributor to loss totals, CoreLogic said it will continue to evaluate this as the storm unfolds.
According to CoreLogic, some counties won’t have experienced the full impact of a landfalling Category 4 hurricane as Michael weakened when it moved over land. However, certain counties will experience multiple categories of storm intensities because the properties closer to the coast are likely to experience stronger winds relative to the more inland properties.
CoreLogic’s analysis includes residential homes and commercial properties, including contents and business interruption, and does not include broader economic loss from the storm.
