A worst-case scenario could see reconstruction costs of more than $13 billion
Hurricane Michael will put more than 57,000 homes at risk of storm surge damage at landfall on Florida’s Gulf Coast, according to an analysis by CoreLogic.
The at-risk homes have a potential reconstruction value cost (RCV) of about $13.4 billion. CoreLogic said that its RCV figures present a worst-case scenario, assuming 100% destruction of all at-risk homes.
“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,” CoreLogic said in a news release.
The Category 4 hurricane began hammering the Florida coast Wednesday morning before it had even made landfall. The strongest hurricane on record to hit the region, Michael could be “potentially catastrophic” to the area, according to the National Hurricane Center.
