About 80% Of Irma Flood Damage Is Uninsured

Residential Loss

Flood loss for residential properties from Hurricane Irma is estimated at $25 billion to $38 billion. This includes storm surge, inland and flash flooding in Florida, Alabama, Georgia, North Carolina and South Carolina. Of this flood total, insured residential flood loss is estimated at $5 billion to $8 billion and uninsured residential flood loss is estimated at $20 billion to $30 billion. As a result, an estimated 80 percent of flood damage to residential properties from Hurricane Irma is not covered by any flood insurance.

Of the total wind damage, an estimated $11 billion to $15 billion represents residential loss. Most damage from hurricane wind is typically covered by private insurers.

Commercial Loss

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.

Of the total wind damage, an estimated $2.5 billion to $4 billion represents commercial loss.

Data Highlights:

• Insured residential flood loss covered by the National Flood Insurance Program (NFIP) is estimated at $5 billion to $8 billion, representing one quarter of damaged homes.

• • This includes inland, flash and storm surge flooding.
  • More than 98 percent of residential flood insurance in the U.S. is provided through the NFIP.

• Uninsured residential flood loss is estimated at $20 billion to $30 billion, representing 80 percent of damaged homes.
• Insured commercial flood loss is estimated at $4 billion to $8 billion, the majority of which is covered by private insurers with a small percentage covered by NFIP.
• Insured residential loss from wind damage is estimated at $11 billion to $15 billion.
• Insured commercial loss from wind damage is estimated at $2.5 billion to $4 billion.

CoreLogic Hurricane Irma Loss Estimates

Source: CoreLogic 2017

Insured loss represents the amount insurers will pay to cover damage and loss.

*This total does not include commercial uninsured flood loss.