Hurricane Michael Wind, Storm Surge Causes Estimated $3B to $5B in Losses, CoreLogic Analysis Shows
MEXICO BEACH, FLA. — CoreLogic, a global property information, analytics and data-enabled solutions provider, has released updated residential and commercial storm surge and wind loss estimates for Hurricane Michael. According to new data, the wind losses for residential and commercial properties in Florida are expected to be between $2 billion and $3 billion, while the storm surge losses, including losses covered by the National Flood Insurance Program, are slated to be an additional $500 million to $1 billion.
The combined residential and commercial insured property loss for Florida is estimated to be between $2.5 billion to $4 billion, with damages in other states totaling $500 million to $1 billion.
Hurricane Michael made landfall on Oct. 10 as the first Category 4 storm to make landfall near Mexico Beach in the Florida Panhandle, with the highest storm surges, up to 14 feet, extending from Mexico Beach to Apalachee Bay. According to the National Hurricane Center, Michael had the highest wind speeds — with sustained 155 mph winds at landfall — of any hurricane to hit the continental United States since 1992’s Hurricane Andrew.
As the seventh hurricane of the year in the Atlantic Basin, the storm’s tropical storm-force wind speeds stretched for more than 320 miles — equal to the distance between New York City and Pittsburgh, and the hurricane’s projected path stretched from Florida to Maryland, according to CNN.
Additionally, the storm’s damaging winds knocked out power to more than 1 million customers, and its heavy rain prompted flash flooding from the Carolinas to New Jersey, as reported by The Weather Channel.