Hurricane Milton threatens 235K commercial properties, Moody's estimates

Hurricane Milton is just hours away from hitting the state of Florida, and Moody's says more than $1 trillion worth of commercial real estate alone is in the powerful storm's path.

"More than 235,000 commercial real estate properties in the state have a greater than 50% probability of being exposed to wind speeds of at least 50 mph — the wind speed at which some damage is likely," Moody's stated in an update on its website Tuesday. "The total estimated value of these properties is $1.1 trillion."

The hurricane, which is currently a Category 4, is expected to hit Florida's west coast, including Tampa Bay, on Wednesday before traversing the state.

Milton is one of the strongest hurricanes in more than 170 years of recordkeeping in the Atlantic, according to FOX Weather, and the storm is expected to cause catastrophic destruction in Florida.

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Florida Chief Financial Officer Jimmy Patronis told "Varney & Friends" on Tuesday that the Milton could result in somewhere between $10 billion and $20 billion in insured losses.

The National Hurricane Center (NHC) warned in a Wednesday morning advisory that "a large area of destructive storm surge, with highest inundations of 10 feet or greater, is expected along a portion of the west-central coast of the Florida Peninsula" when Hurricane Milton makes landfall later tonight. 

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The hurricane, as of 5 a.m. ET, was centered about 300 miles southwest of Tampa with maximum sustained winds of 160 mph. 

"Rainfall amounts of 6 to 12 inches, with localized totals up to 18 inches, are expected across central to northern portions of the Florida Peninsula through Thursday," the NHC also said. "This rainfall brings the risk of catastrophic and life-threatening flash and urban flooding, along with moderate to major river flooding." 

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"Preparations to protect life and property, including being ready for long-duration power outages, should be rushed to completion," the NHC added. 

FOX News' Greg Norman contributed to this report.