- Moody’s estimates that over $1.1T worth of commercial real estate in Florida, spanning 235K properties, is at risk from Hurricane Milton.
- The Category 4 storm, with winds exceeding 160 mph, is expected to make landfall on Florida’s west coast, including Tampa Bay.
- Florida’s Chief Financial Officer projects $10B–$20B in insured losses due to Milton’s expected impact.
Hurricane Milton is just hours away from making landfall in Florida, and Moody’s has estimated that more than $1.1T worth of commercial real estate is in its path, as reported by Fortune.
Bracing For Impact
According to Moody’s latest report, over 235K properties in Florida face a 50% or higher chance of experiencing damaging winds of at least 50 mph.
These properties represent a significant portion of Florida’s commercial real estate, which spans key cities such as Tampa, where the storm is expected to cause widespread damage.
Storm of Historic Proportions
Hurricane Milton, now a Category 4 hurricane with sustained winds of up to 160 mph, is one of the most powerful storms to hit the Atlantic in over 170 years of recordkeeping.
Forecasts indicate that the storm will reach Florida’s west-central coast, including the Tampa Bay region, before moving across the state. The National Hurricane Center has issued warnings of destructive storm surges, with some areas expected to experience water levels rising 10 feet or more.
In addition to the storm surge, rainfall amounts of 6–12 inches, with isolated totals up to 18 inches, are predicted across northern and central Florida, raising the risk of catastrophic flooding.
Insurance Impact
The financial impact of Hurricane Milton could be devastating. Florida’s Chief Financial Officer, Jimmy Patronis, has predicted insured losses between $10B–$20B due to the storm’s expected destruction.
Commercial properties and infrastructure are likely to sustain significant damage, further straining Florida’s already challenged insurance market.
Preparation and Response
Officials are urging Florida residents and businesses to finalize their preparations as Hurricane Milton approaches.
The National Hurricane Center has warned of long-duration power outages and emphasized the importance of protecting life and property. Additionally, companies like SpaceX’s Starlink are mobilizing resources to offer free satellite internet services for those affected by the storm.
As Hurricane Milton barrels towards the Sunshine State, property owners brace for what could be one of the most devastating storms in American history.w years.”
