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The National Hurricane Center forecasts ‘considerable flooding’ in Florida later this week.
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Models are now showing a hurricane coming ashore on the west coast of Florida near Fort Myers on Wednesday at 08:00 EDT with winds of 115 mph.
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The storm may be “much more powerful” than Hurricane Sandy, which hit the Northeast US in 2012, wrote BMS Group’s Andrew Siffert in a commentary.
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The Island is also on hurricane watch as the storm moves north
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Many storm losses would be the result of flood, which is not covered by the standard homeowners’ policy.
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The storm is not expected to be a threat to the order of Jebi or Hagibis.
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The storm was downgraded from super typhoon status before making landfall on Sunday.
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The storm is currently moving over the Dominican Republic and headed for Bermuda.
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The Category 1 storm will likely cause “life-threatening flash and urban flooding” in eastern portions of the Dominican Republic through early Tuesday, according to the NHC.
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The storm was downgraded from super typhoon status ahead of landfall but was still the equivalent of a significant hurricane.
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The storm is currently at Cat 4 strength but will weaken to Cat 3 as it approaches land.
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Florida specialists have continued to cede more premium to reinsurers, topping $7bn in 2021.