Over 1 million Florida Homes At Risk From Hurricane Ian Storm Surge: CoreLogic
Over 1 million Florida Homes At Risk From Hurricane Ian Storm Surge: CoreLogic
More than a million single-family and multifamily homes along the Florida gulf coast with a reconstruction cost value (RCV) of over $258.3 billion have been identified as being vulnerable to storm surge damage from Hurricane Ian, according to data analysis published by CoreLogic.
ALSO, READ Weston Insurance Becomes Fifth Florida Insurer to Go Insolvent This Year 2022
With 125 mph sustained winds, Hurricane Ian has now advanced to significant Category 3. Due to an overnight movement further east in the NHC’s forecast cone, the storm is now expected to come quite near to the Tampa Bay region with a chance of making landfall.
Significant storm surge is much more likely, which will worry insurers and reinsurers because the Tampa Bay area has numerous low-lying structures along its coast. Additionally, the coastline is especially vulnerable to storm surges due to inlets and its form.
ALSO, READ Heritage Insurance Posts Q2 Net Loss On $91m Goodwill Impairment Charge
Over 1 million Florida Homes At Risk From Hurricane Ian Storm Surge: CoreLogic
Add to this the fact that Tampa Bay and the surrounding area is a very high-value part of the coast, and it’s clear that there’s some significant property values at-risk from hurricane Ian’s winds and surge.
Experimental Storm Surge Forecast
Dr Tom Jeffery, senior hazard scientist at CoreLogic noted, “Hurricane Ian has all the ingredients you need for a bad storm surge event.”
Over 1 million Florida Homes At Risk From Hurricane Ian Storm Surge: CoreLogic
“Due to Hurricane Ian’s slower speed and rapid intensification in the eastern Gulf of Mexico, the threat of a widening wind field bringing damaging storm surge increases each day.”
ALSO, READ Shoprite Share Price Increases As Sales Grow By 10%
He added, “Many homes along Florida’s western coast are at risk of storm surge inundation regardless of where the storm makes landfall, and even more homeowners will contend with heavy rainfall and hurricane-force winds throughout mid-week.”
According to CoreLogic, the RCV estimates do not represent anticipated damages because they take into account the total destruction of all at-risk homes. Hurricane Ian’s route will become more certain as it gets closer to Florida, and the number of major cities at risk will decrease.
According to the analysts, these numbers are based on the National Storm Centre’s projection from September 26, 2022, and they assume that Hurricane Ian makes landfall as a Category 4 hurricane.
AllInsuranceHUB is a blog for everyone who seeks an informative, educative, and knowledge-based online insurance and investment community. We share Biographies, Top-notch investment tips, finance news, insurance policy details and much more. You can read and share thoughts, ideas, and opinions on the finance market and get real-time updates from around the globe.
