As Isaac officially becomes a hurricane, many residents in Florida and Louisiana are boarding up their homes and businesses and heading to shelters. Isaac has already hit areas of the Caribbean with flooding and wind damage, affecting towns and homes in Haiti, Cuba and the Dominican Republic and sending a warning to Gulf towns in its path.

Though slow-moving, Isaac's large size "poses a significant threat to the Gulf Coast," according to risk modeler Eqecat. Hurricane warnings extend 330 miles from Louisiana to Florida.

"Should it occur during the time of high tide, a surge of 6-12 feet is possible in southeastern Louisiana, Mississippi and Alabama," the modeler adds.

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