Hurricane Milton heading for $1.1 trillion in property: Moody’s

• More than $1 trillion worth of property is in the path of Hurricane Milton, Moody’s estimated.
• More than 235,000 commercial properties could be exposed to dangerous winds, according to Mood’s.
• Hurricane Milton made landfall in Florida on Wednesday as a Category 3 hurricane.

Hurricane Milton made landfall in Florida on Wednesday as a Category 3 hurricane, and analysts estimate that $1.1 trillion worth of commercial property will be exposed to dangerous hurricane-force winds.

More than 235,000 commercial real estate properties in Florida — worth $1.1 trillion — have a greater than 50 percent chance of being exposed to wind speeds of at least 50 mph, according to an estimate by Moody’s Analytics on Tuesday per hour.

That’s the speed at which some property damage is likely, Moody’s report said.

According to the report, the properties include 44,122 industrial premises, 78,916 commercial properties, 42,387 office buildings, 64,857 apartment buildings and 5,056 hotels.

According to an analysis note from Jefferies, Milton’s estimated financial damage in Florida could reach $175 billion.

“While it is too early to make estimates of insured losses, a major hurricane impact in one of Florida’s most populous regions could result in double-digit billions of dollars in losses,” Jefferies analysts said in a note .

“A 1-in-100-year event is estimated by some to result in $175 billion in landfall losses in the Tampa region and $70 billion in losses in the Ft Myers region,” the memo added.

The monster storm quickly turned into a Category 5 hurricane for two days. But it was downgraded to Category 3 when it reached Florida’s Sarasota County on Wednesday.

The National Hurricane Center warned that the storm could trigger flooding and storm surges of up to 15 feet along the coast.

Milton comes just days after Hurricane Helene devastated Florida and other southeastern states, leaving more than 200 people dead.

In a report on September 30, Moody’s Analytics estimated that the damages caused by Helene will be between 20 and 34 billion dollars.