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CoreLogic: Irma Damage Could Total Up to $65B

Phil Hall
Sep 19, 2017
The Mortgage Bankers Association (MBA) has released a new consumer-facing information brochure, “Disaster Recovery: A Resource for Homeowners,” available for use by all MBA members

CoreLogic updated its analysis on the property damage brought by Hurricane Irma on the mainland U.S. and has determined that total insured and uninsured loss for both residential and commercial properties, including damage from both flood and wind, is estimated to be between $42.5 billion and $65 billion. The company also estimated $13.5 billion to $19 billion in insured loss is attributed to wind damage for both residential and commercial properties. CoreLogic’s analysis covered Florida, Alabama, Georgia, North Carolina and South Carolina, but did not include damage in Puerto Rico and the U.S. Virgin Islands.
 
An estimated 80 percent of flood damage to residential properties from Hurricane Irma was not covered by any flood insurance. According to CoreLogic, flood loss for residential properties from Hurricane Irma is estimated at $25 billion to $38 billion, with insured residential flood loss estimated at $5 billion to $8 billion and uninsured residential flood loss estimated at $20 billion to $30 billion. Of the total wind damage, an estimated $11 billion to $15 billion represents residential loss, and most damage from hurricane wind is typically covered by private insurers.
 
Insured flood loss for commercial properties is estimated at $4 billion to $8 billion. Data for uninsured flood loss for commercial properties, which could equal or exceed insured loss estimates, is unavailable. The total wind damage, which is estimated between $2.5 billion to $4 billion, represents commercial loss.
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