$189T in Florida resi property at risk of storm surge damage from Hurricane Matthew: report
With a Category 4 storm, nearly 1M homes are at risk in Florida
October 06, 2016 03:00PM
Projected path of Hurricane Matthew by the National Hurricane Center at 2 p.m. Thursday
Nearly $189 trillion in Florida residential property is at risk of storm surge damage from a Category 4 Hurricane Matthew, according to a newly released report by Corelogic.
The powerful hurricane reached deadly Category 4 status as it passed through the Bahamas on Thursday, barreling toward the Florida coastline. At 2 p.m. on Thursday, the National Hurricane Center reported sustained wind speeds of 140 miles per hour.
In its report, Corelogic outlines potential residential property damage from hurricane-driven storm surge flooding in Florida, Georgia, South Carolina and North Carolina as Hurricane Matthew is forecast to make its way along the U.S. Atlantic Coast.
At a Category 4, pegged at wind speeds of 130 miles per hour to 156 miles per hour, 954,394 homes with a total reconstruction value of $188.9 trillion are at risk of storm surge damage in Florida alone, according to the report. That includes 96,698 homes worth $19.4 trillion in Daytona Beach; 68,845 homes worth $13.7 trillion in Melbourne; 576,056 homes worth $108 trillion in Miami; and 118,397 homes worth $25.8 trillion in Jacksonville.
Forecasters warn that storm surge is a serious concern as the hurricane approaches the coastline. Hurricane-driven storm surge flooding can cause 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. — Ina Cordle
Source: The Real Deal