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Market Watch

Hurricane Isaac property damage estimates top $27 billion

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Market Watch
Wednesday, August 29, 2012

CoreLogic released data showing potential 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 Howard Botts, vice president and director of database development for CoreLogic Spatial Solutions. “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,; 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.

Metro Area

Number of Properties at Risk

Value of Properties at Risk

New Orleans

195,834

$26,299,658,621

Baton Rouge

2,625

$24,372,620

Biloxi-Gulfport

3,978

$388,110,797

Mobile

1,702

$172,827,000

Pensacola-Ferry Pass-Brent

3,964

$618,871,098

Tallahassee

1,656

$158,751,464

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. 

To view a map showing hurricane-driven storm-surge risk through Google Earth, visit here. To download the map as a KML file, visit here.  Static maps depicting storm-surge risk in southern Florida are available upon request

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