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TALLAHASSEE (CBSMiami/NEWS SERVICE OF FLORIDA) – Insured losses from Hurricane Michael could go as high as $4.5 billion, with the largest amount in residential losses, according to an early estimate by an insurance industry group.

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The Property Casualty Insurers Association of America released the estimate, which put potential losses at $2 billion to $4.5 billion.

Residential losses were estimated at $1.5 billion to $3 billion.

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The estimates also do not include losses in the National Flood Insurance Program.

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Michael made landfall midday Wednesday in the Panhandle community of Mexico Beach. Michael had 155 mph maximum sustained winds, the strongest ever recorded in the region.