The Aftermath of Hurricane Florence is Estimated to Have Caused Between $20 Billion and $30 Billion in Flood and Wind Losses, CoreLogic Analysis Shows
—Approximately 85 Percent of Residential Loss is Uninsured—
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This analysis includes residential homes and commercial properties, including contents and business interruption 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 .- In these states, 445,000 total residential and commercial property policies are in force through the NFIP.
- Insured flood loss from private insurers is estimated at less than
$5 billion .
Insured loss represents the amount insurers will pay to cover damages. Unlike wind damage, which is covered by a standard homeowners policy, flood is a separate coverage, which is not mandatory outside the designated Special Flood Hazard Areas (SFHAs).
For major Gulf and
Methodology
The
The CoreLogic North Atlantic Hurricane Model includes improved location risk and estimation through its robust stochastic event set, high-resolution hazard modeling, component-level vulnerability, and usage of PxPoint™, the structure- and parcel-level geocoding engine. With detailed and rigorously validated model outputs, the model provides the ability to calculate damage contributions from wind and storm surge, providing a transparent way of looking at loss as well as to obtain a better understanding of capital adequacy for the separate or combined perils of hurricane winds and coastal storm surge flooding. The model offers a complete view of the risk for all perils and sub-perils. The North Atlantic Hurricane Model is updated biennially and has been certified by the
Source:
The data provided are for use only by the primary recipient or the primary recipient's publication or broadcast. This data may not be resold, republished or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without prior written permission from
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