Hurricane Milton May Damage 500,000 Homes

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As Hurricane Milton heads toward the Tampa area, a new estimate shows that 500,000 homes are at risk of destruction or damage. At landfall, winds could be over 120 miles per hour, the storm surge could be 15 feet, and the area could be inundated by over a foot of rain.

*More Hurricane Milton News

*Hurricane Season Doesn’t End Until November 30

*Warm Gulf Water Problem

The report is from CoreLogic. It also puts the RCV (a value that estimates the cost of rebuilding a property in the event of total destruction) at $123 billion in the Tampa and Sarasota areas. The figure is based on the landfall of a Category 3 hurricane. If the storm comes ashore as a Category 5 storm, the financial cost is more than double that.

Flood Insurance

Among the effects of a destructive storm are financial ones. Many people in these areas do not have flood insurance. Property values in the region will plunge as residents move to places they consider safer. People considering moving South for warmer weather and lower taxes will likely move elsewhere. As storms become more frequent and powerful, these effects could spread across more of Florida.

Tampa has been among America’s fastest-growing cities in the last three decades. Home prices have risen faster in the city than in almost any other large metro in the country. Those things are about to change.