A new note from CoreLogic says that it estimates that privately insured gross modelled losses from Hurricane Nicole will be less than $750m.
These losses include those from hurricane winds and storm surge and do not include increased losses due to assignment-of-benefits.
Nicole made landfall in the U.S. as a Category 1 hurricane on North Hutchinson Island near Vero Beach in Florida
The hurricane weakened into a tropical storm shortly after making landfall, and it continues through the eastern coast as a tropical depression.
Nicole entered Georgia and is likely to bring rainfall, tornadoes, and damaging winds as it continues on its path through the Carolinas. Some parts of the East Coast have a 5% chance of a tornado occurring, and some areas could see up to 3 inches of rain.
A week ago, CoreLogic wrote that there were three things to know about Hurricane Nicole.
Due to the western coast path of the storm, Tropical Storm Nicole is projected to impact counties where modelled losses are only between $1m to $100m from Hurricane Ian. Almost all counties with modelled losses of more than $100m from Hurricane Ian are located on Florida’s Gulf Coast and away from Nicole’s track.CoreLogic
The storm surge and the heaviest rainfall, said CoreLogic, were expected on the US’s east coast.
Although Nicole is expected to make landfall as a low-level Category 1 hurricane, Nicole is still creating a very large wind field north of the circulation centre that will generate a larger than usual storm surge for a storm of this size.
The east coast of Florida and portions of coastal Georgia are expected to receive storm surge with enough height to cause property damage. Water levels in east Florida could reach up to 5 feet across most of the coastline.
Nicole will also bring heavy rainfall with flash, urban and stream flooding possible across Florida and potentially southeast Georgia and portions of South Carolina.
Wind speeds could reach up to 50-60 mph as the storm moves into Florida Thursday morning. Some areas of the coastline could receive up to six inches of precipitation.
by Yana Keller