Hurricane Idalia's destruction could put over 800,000 dwellings along the Florida Gulf Coast at risk for damages that could top out around $238.4 billion, CoreLogic estimates.
The property analytics firm disclosed its projection Tuesday evening following a federal forecast suggesting Idalia would make landfall as a Category 3 storm. The hurricane
Idalia is battering a Sunshine State housing market also beset by
This week's catastrophe is likely to produce a lower insured cost compared to Ian because of the sparsely populated impact area, said Jon Schneyer, director of Catastrophic Response at CoreLogic.
"Even so, systems that make landfall along the Gulf Coast are likely to generate a more substantial storm surge than equivalent storms that hit the Atlantic Coast," he said in a press release.
CoreLogic's Idalia estimate is based on its own data and hazard risk models and spans 808,321 buildings including both single-family and multifamily properties. The $238.4 billion figure stems from the firm's Reconstruction Cost Value, which represents the expenses for a total loss including materials, equipment and labor but not the value of the land or lot.
The National Hurricane Center as of Wednesday morning was
Florida has one of the nation's hottest housing markets, with relatively affordable home prices
Gov. RonDeSantis in May
Officials from 10 states including Florida earlier this year sued federal regulators over escalating National Flood Insurance Program premiums, which lenders have said will