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Aftermath of Hurricane Florence: $20B to $30B in Flood, Wind Losses
Residential and commercial flood and wind loss estimates for Hurricane Florence is expected to result in nearly $20 billion to almost $30 billion in losses. According to new CoreLogic data analysis, the impact is being felt across residential and commercial properties in North Carolina, South Carolina and Virginia, encompassing both storm surge and inland flooding.
Specifically, uninsured flood loss for the same area is estimated to be between $13 billion and $18.5 billion. Wind losses are estimated to be an additional $1 billion to $1.5 billion. CoreLogic estimates roughly 85% of residential losses are uninsured.
This analysis includes residential homes and commercial properties, including contents and business interruptio, and does not include broader economic loss from the storm.
Insured flood loss covered by the National Flood Insurance Program (NFIP) is estimated to be between $2 billion and $5 billion.
For comments, questions or concerns, please contact Dennis Kaiser
