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Hurricane Ian


One million Florida homes at risk because of Hurricane Ian


As Hurricane Ian approaches Florida, a new report estimates that more than a million homes are at risk of storm damage.

According to this report from real estate data firm CoreLogic, its estimated 1,044,412 single-family and multi-family homes along Florida's Gulf Coast are vulnerable to hurricane damage. This could cost homeowners up to $260 billion in repairs and reconstruction, he added. Information from the Market Watch portal.

Homes along the Florida coast at risk

The numbers are assuming Hurricane Ian makes landfall as a Category 4 hurricane, based on the forecast made on Monday. "Many homes along Florida's west coast are at risk of storm flooding, regardless of where the storm makes landfall," said Tom Jeffery, senior risk scientist at CoreLogic, in a statement, "and even more homeowners will face severe rains and hurricanes. force winds during the middle of the week."

To be clear, Florida has always been at elevated risk for property damage from hurricanes. A previous report from CoreLogic said that in addition, the city of Miami also has a higher risk of incurring storm surge and wind damage.

Prepare properly for an approaching storm CoreLogic estimated the cost of the hurricane to be $258.3 billion. The company refers to the cost incurred from storm damage as reconstruction cost value, or RCV. The RCV numbers represent the cost of completely rebuilding houses. The RCV numbers also assume 100% destruction of all homes at risk and are not a representation of expected damage, CoreLogic said.

In case Hurricane Ian develop into a Category 4 storm, the number of homes at risk is the highest in the Tampa-St. Petersburg-Clearwater area of ​​Florida. If you are a Florida homeowner, make sure that because of hurricane risks, you have enough emergency savings and that your insurance is ready. Repairs and reconstruction can be a large financial expense, which can take a considerable toll if extensive work is required.

CoreLogic said in a previous report that after Hurricane Ida developed into a Category 4 storm in 2021, before reaching Louisiana and flooding many homes, many homeowners fell behind on their mortgage payments. The percentage of homeowners who are at least three months late on payments in the city of Houma, Louisiana, has increased by 50%. Six months later, the serious default rate was still above the state average.

A Florida Keys county is trying to buy back properties at high risk of flooding and encouraging sellers to protect residents and relocate them to safer locations, the Miami Herald reported. But the pace of acquisitions has been slow.

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