Tuesday, October 9, 2018

CoreLogic: Hurricane Michael Storm Surge Recovery Could Cost More Than $13.4B

Irvine-based property information provider CoreLogic says that more than 57,000 homes are at risk of storm surge damages due to Hurricane Michael, the quickly moving hurricane in the Gulf of Mexico. CoreLogic said its modeling of storm surge--the wall of water which precedes a hurricane--could result in reconstruction costs of more than $13.4 billion. CoreLogic said the damage is an estimate based on a projected Category 3 status at landfall, and the storm's current size and path. Storm surge is only a small portion of the possible damages from the hurricane, which also is expected to bring widespread wind damage and flooding to Florida's Gulf Coast and beyond. CoreLogic has been providing some preliminary data on possible insured property losses ahead of storms in the Gulf and Atlantic Coast all year. The National Hurricane Center says it expects Hurricane Michael to make landfall on Wednesday. Another hurricane, in the Pacific, Hurricane Sergio, is expected to make landfall in Baja California on Thursday, but is not expected to have nearly the extent of impact of Michael on the United States.