The Real Deal Miami

$189B in Florida resi property at risk of storm surge damage from Hurricane Matthew: report

With a Category 4 storm, nearly 1M homes are at risk in Florida

October 06, 2016 03:00PM

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Projected path of Hurricane Matthew by the National Hurricane Center at 2 p.m. Thursday

UPDATED Oct 6, 6 p.m. Nearly $189 billion in Florida residential property is at risk of storm surge damage from a Category 4 Hurricane Matthew, according to a newly released report by Corelogic.

The powerful hurricane reached deadly Category 4 status as it passed through the Bahamas on Thursday, barreling toward the Florida coastline.  At 2 p.m. on Thursday, the National Hurricane Center reported sustained wind speeds of 140 miles per hour.

In its report, Corelogic outlines potential residential property damage from hurricane-driven storm surge flooding in Florida, Georgia, South Carolina and North Carolina as Hurricane Matthew is forecast to make its way along the U.S. Atlantic Coast. 

At a Category 4, pegged at wind speeds of 130 miles per hour to 156 miles per hour, 954,394 homes with a total reconstruction value of $188.9 billion are at risk of storm surge damage in Florida alone, according to the report. That includes 96,698 homes worth $19.4 billion in Daytona Beach; 68,845 homes worth $13.7 billion in Melbourne; 576,056 homes worth $108 billion in Miami; and 118,397 homes worth $25.8 billion in Jacksonville.

Forecasters warn that storm surge is a serious concern as the hurricane approaches the coastline. Hurricane-driven storm surge flooding can cause property damage when high winds and low pressure cause water to amass inside the storm, releasing a powerful rush over land when the hurricane moves onshore, Corelogic said. — Ina Cordle

A previous version of this story incorrectly noted the risk of damage in the trillions of dollars instead of the billions.