October 9, 2016
Cost estimates of real estate damage to the southeast United States in the path of Hurricane Matthew could amount to between $4 billion and $6 billion. According to statistics from CoreLogic, this total takes into account only insured commercial and residential real estate. This does not include losses for uninsured properties. Nor does it take into account insured losses related to additional flooding or business interruption from the storm.
CoreLogic also estimated that approximately 1.5 million residential commercial properties have been impacted from the wind and storm surge. If there is any good news with theses numbers, it’s that structures in Florida consist of masonry, wood and veneers, combined with stringent Florida building codes. This combination could help reduce total insured property losses, compared to other storms.
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