Total flood and wind losses from Hurricane Helene are forecast to run between $30.5 billion and $47.5 billion, according to CoreLogic.
This estimate includes wind loss as well as insured and uninsured storm surge and inland flood loss for residential and commercial properties across 16 states.
Insured flood loss from the National Flood Insurance Program (NFIP) and private insurance for residential and commercial properties is estimated to be between $6 billion and $11 billion, which includes both re-evaluated storm surge and new estimates for inland flooding, CoreLogic says.
Wind losses are estimated to be $4.5 billion to $6.5 billion.
Uninsured flood loss is estimated to be between $20 billion and $30 billion.
“When intense storm surge and flooding events, like Hurricane Helene, reach regions that are infrequently affected by natural hazards, we can expect to see damage to homes without flood insurance coverage,” explains Jon Schneyer, director of catastrophe response at CoreLogic. “The fact that so much damage was concentrated outside the Special Flood Hazard Areas (SFHAs) makes it challenging to realize the full extent of impact to uninsured homeowners. Thankfully FEMA’s NFIP is expected to provide up to $6.5 billion of insurance for the recovery efforts, which will help bring much needed recovery aid to the affected areas.”
Meanwhile, Hurricane Milton has formed as a Category 5 hurricane in the Gulf and is expected to make landfall in Florida on Wednesday, Oct. 9.
Photo: AP
