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Gulf Coast Residential Property Damage Exposure from Hurricane Isaac Projected to be $27 Billion

Gulf Coast Residential Property Damage Exposure from Hurricane Isaac Projected to be $27 Billion

Residential News » North America Residential News Edition | By Michael Gerrity | August 28, 2012 10:56 AM ET



Satellite-image-of-hurricane.jpg According to new data released today by CoreLogic, there is potentially over $27 billion in exposure to residential property damage from storm surge flooding as Tropical Storm Isaac makes its way across the Atlantic Ocean along a projected path toward the Gulf Coast.

"Based on current forecasts, Tropical Storm Isaac is predicted to strengthen into a Category 1 hurricane and become the first hurricane to impact the United States this year," said Dr. Howard Botts, vice president and director of database development for CoreLogic Spatial Solutions.

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Dr. Howard Botts

"Though the forecasted path is constantly changing, at this point, Isaac seems to be poised to strike the Gulf Coast early Wednesday. Major metro areas that could potentially feel the impact of hurricane-driven storm surge include New Orleans, La.; Baton Rouge, La.; Biloxi, Miss.; Mobile, Ala.; Pensacola, Fla. and Tallahassee, Fla., depending on where the storm makes landfall."
 
The data shows nearly 210,000 total residential properties valued at more than $27.7 billion in seven major metro areas along the Gulf Coast could be at risk for storm-surge related flooding, assuming the storm hits as a Category 1 hurricane. The number of residential properties in each metro area and their respective potential exposure to damage are as follows:

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Hurricane-driven storm-surge flooding can cause significant property damage when high winds, forward movement of the storm and low pressure causes water to amass in front of the storm, pushing a powerful rush over land when the hurricane moves on shore. 
The CoreLogic analysis measures damage from storm surge and does not include potential damage from wind and rain associated with hurricanes. 

New-Orleans-Storm-Surge-Risk-Map-August-30-2012-Courtesy-of-CoreLogic.jpg



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