{"id":2018488,"date":"2023-08-31T17:58:02","date_gmt":"2023-08-31T21:58:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/over-800000-homes-at-risk-with-hurricane-idalia-corelogic-estimate\/"},"modified":"2023-08-31T18:00:13","modified_gmt":"2023-08-31T22:00:13","slug":"over-800000-homes-at-risk-with-hurricane-idalia-corelogic-estimate","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/over-800000-homes-at-risk-with-hurricane-idalia-corelogic-estimate\/","title":{"rendered":"Over 800K homes in danger from Hurricane Idalia: CoreLogic."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fover-800000-homes-at-risk-with-hurricane-idalia-corelogic-estimate%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2018488&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div data-post-content=\"true\" class=\"post_content\" id=\"post_content\">\n<p>The destructive power of \u200bHurricane Idalia looms over the Florida Gulf\u200d Coast, threatening over 800,000 homes.<\/p>\n<p>According to CoreLogic, \u2062a property analytics data service, the cost of reconstruction could reach\u200d hundreds of billions \u200dof dollars. Their estimate, released on Aug. 29, is based on data\u2063 from the\u200b National Hurricane Center, which projected that\u200b Idalia would make \u2064landfall \u2063as a Category 3 storm.<\/p>\n<blockquote>\n<h3>Related Stories<\/h3>\n<ul>\n<li><a href=\"http:\/\/www.theepochtimes.com\/epochtv\/white-house-holds-briefing-after-hurricane-idalia-hit-florida-and-georgia-5484125\">White House Holds Briefing After Hurricane Idalia Hit \u200dFlorida and Georgia<\/a> &#8211; 8\/31\/2023<\/li>\n<li><a href=\"http:\/\/www.theepochtimes.com\/us\/irs-offering-relief-to-taxpayers-affected-by-hurricane-idalia-5484126\">IRS Offers Relief to Taxpayers Affected by\u200c Hurricane Idalia<\/a> \u2063- 8\/31\/2023<\/li>\n<\/ul>\n<\/blockquote>\n<p>As Idalia made landfall on Aug. 30, it\u200c brought winds of up to \u2064150 miles \u2063per\u2064 hour and storm surges as high as\u2064 11 feet. \u200bThe impact\u2063 was \u2062felt between Tallahassee and Tampa, and the storm is now affecting Georgia and the Carolinas.<\/p>\n<h2>Sunshine State Facing Multi-Billion\u2062 Dollar Catastrophe<\/h2>\n<p>CoreLogic warns that 808,321 homes, both \u2062single-family and\u200c multifamily, could\u2064 suffer damages \u2063with a reconstruction cost\u2063 value (RCV) \u2063of \u200cup to $238.4 billion. RCV measures include expenses for\u200c materials, equipment, and labor, but not\u200b the value of the land\u200d or lot.<\/p>\n<div class=\"shortcode\">\n<div class=\"lazyload-wrapper\">\n<div class=\"lazyload-placeholder\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>&#8220;Due to the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/over-800000-homes-at-risk-with-hurricane-idalia-corelogic-estimate\/\" title=\"Over 800K homes in danger from Hurricane Idalia: CoreLogic.\">sparsely\u2063 populated forecasted impact area<\/a>, there will likely be a lower insured loss ceiling \u200bfrom Idalia, compared to \u2063last year\u2019s Hurricane Ian,&#8221; said Jon Schneyer,\u2063 director of Catastrophe\u200d Response at CoreLogic. He also emphasized\u2063 that hurricanes hitting the Gulf Coast tend to \u2064generate more substantial storm surges than\u2063 those hitting \u200dthe Atlantic Coast.<\/p>\n<p>Analysts predict that Hurricane Idalia may cause even more financial \u200bstress for homeowners than Hurricane Ian did in 2022, potentially leading\u2064 to insolvencies and foreclosures.\u2064 This comes at a time when Florida&#8217;s housing market, once relatively affordable, has become increasingly out of reach for\u2062 many due to the pandemic.<\/p>\n<h2>Insurance Companies Are\u2063 Dropping Coverage\u2064 in\u2062 Florida<\/h2>\n<p>Florida&#8217;s housing market is <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/u-s-navy-says-fight-with-china-is-likely-in-the-2020s\/\" title=\"U.S. Navy Says Fight With China Is Likely in the 2020s\">facing significant challenges<\/a> with homeowner insurers, as some\u2063 companies are partially pulling coverage for certain homeowners in the state.<\/p>\n<p>Farmers Insurance, for example, is discontinuing\u2063 automobile, home, and\u200c umbrella policies for Florida\u2063 residents. AAA\u2063 is also sunsetting\u200c policies for a\u200c &#8220;very small&#8221; percentage of high-risk policies, \u2064as\u2062 reported by National\u200d Mortgage\u2062 News in July.<\/p>\n<p>Insurers attribute their withdrawal from\u2062 the \u200cSunshine State to exposure to storm damage and increased\u2064 construction \u2064costs, along with \u2062inflation. The Florida insurance market\u200c has been losing liquidity and competition, leaving homeowners with limited choices.<\/p>\n<p>&#8220;Insurance companies over time have been leaving the Florida insurance market.\u2064 This has created a lack of liquidity and\u2063 a loss of choices and competition. The devastating hurricane last\u200c year in Fort Myers was more salt in the wound. The numbers don\u2019t\u2064 lie,&#8221; said Phil Nicozisis, a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trump-donors-back-efforts-to-recall-calif-gov-newsom\/\" title=\"Trump donors back efforts to recall Calif. Gov. Newsom\">real estate developer<\/a> \u2062and property owner.<\/p>\n<p>Florida \u200dhas the highest average property premiums in the nation, which have\u2062 been further \u200dexacerbated \u200dby rampant litigation issues, including fraudulent insurance scams and favorable \u200dattorney fees. This has resulted in a\u200d wave of lawsuits against insurers, with over 250,000\u200d filed in March \u2064alone. Seven insurance companies have gone insolvent in\u2063 the past year.<\/p>\n<p>Lenders predict \u200cthat these challenges will deepen unaffordability \u200dfor residents and buyers in Florida, \u2063where home prices are skyrocketing\u200c and\u200c insurance rates\u2064 are among the highest in the country.<\/p>\n<h2>Homeowners Insurance Becomes a Growing Concern<\/h2>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Florida Gulf Coast may see over 800,000 homes affected by Hurricane Idalia&#8217;s devastation. Property analytics service, CoreLogic, predicts reconstruction costs could reach hundreds of billions of dollars. Their estimate is based on data from the National Hurricane Center, which anticipated the hurricane&#8217;s impact.<\/p>\n","protected":false},"author":327,"featured_media":2018489,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2018488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2018488","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/327"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2018488"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2018488\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2018489"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2018488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2018488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2018488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}