Florence Damage Estimated Up to $30B

Sep 25, 2018

Hurricane Florence is history, but the property damage left behind is being estimated at between $20 billion and $30 billion, according to data from CoreLogic.

Flood loss for residential and commercial properties in North Carolina, South Carolina and Virginia is estimated between $19 billion and $28.5 billion—this includes storm surge and inland flooding. Wind losses are estimated to be an additional $1 billion to $1.5 billion. This analysis includes residential homes and commercial properties, including contents and business interruption

In a separate analysis, CoreLogic is estimated that uninsured flood loss for the region to be between $13 billion and $18.5 billion, while insured flood loss from private insurers is estimated at less than $5 billion, while the insured flood loss covered by the National Flood Insurance Program (NFIP) is estimated to be between $2 billion and $5 billion. A total of 445,000 total residential and commercial NFIP property policies were in place in the three states impacted by the hurricane.

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Phil Hall

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Sep 25, 2018

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