Estimates will continue to roll in and be updated, but there is no underestimating the losses of life, and the damage to commercial properties from Hurricane Helene last week.

“Although it is still too early to calculate the total value of property lost, the damage was vast,” reported GlobeSt.com.  “Early estimates made before landfall diverged widely. Moody's did a broad estimate of commercial properties in many parts of Florida that might have been in the storm's path, but most of which weren't. About 162,000 CRE assets with a greater than 50% chance of facing wind speeds of at least 50 miles per hour, a velocity at which some damage is likely, had an estimated total value of $425.9 billion.”

“Tallahassee, near enough the landing spot, had 5,153 commercial buildings with an estimated total of $8.7 billion, and those included only ones in Moody's commercial real estate database. The total included 787 industrial, 1,577 retail, 1,474 office, 1,259 multifamily, and 66 hotel buildings.”

In Florida alone, the storm had the potential to wreak havoc on the following cities and respective commercial property values, according to BusinessInsurance: Tampa, with $79.7 billion; Saint Petersburg, with $30.5 billion; Sarasota, with $17.1 billion; Tallahassee, with $18.7 billion; and Gainesville with $7.0 billion in potential exposure.

‘Hurricane Helene is yet another reminder of the growing risks posed by natural disasters, especially in regions prone to severe weather events. The insurance industry, particularly in high-risk areas like the southeastern U.S., may need to adjust its risk models and premium structures to accommodate the increasing frequency and intensity of hurricanes. For businesses, having comprehensive insurance coverage is crucial to weathering such events,” according to a report in ProgramBusiness.