CoreLogic: Florence Losses at $20-30 Billion; 85% of Residential Loss Uninsured
MBA NewsLink Staff
CoreLogic, Irvine, Calif., said its revised estimates of damage resulting Hurricane Florence puts residential and commercial flood and wind losses at $20-30 billion, with 85 percent of residential losses uninsured.
The latest analysis estimates flood loss for residential and commercial properties in North Carolina, South Carolina and Virginia at between $19 billion and $28.5 billion, which includes both storm surge and inland flooding. Specifically, CoreLogic estimated uninsured flood loss for the same area between $13 billion and $18.5 billion, with wind losses at an additional $1-$1.5 billion.
This analysis includes residential homes and commercial properties, including contents and business interruption and does not include broader economic loss from the storm.
CoreLogic estimated insured flood loss covered by the National Flood Insurance Program at between $2-$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.