Flood loss – including both surge and inland flooding – for residential and commercial properties in North Carolina, South Carolina and Virginia is estimated to be between $19 billion and $28.5 billion, according to an analysis from CoreLogic.
However, approximately 85% of the flood loss for residential properties is uninsured, according to the firm’s data.
That means between $13 billion and $18.5 billion of property damage caused by flooding will probably not be covered by private insurance
Wind losses, which typically are covered, are estimated to be an additional $1 billion to $1.5 billion.
Insured flood loss covered by the National Flood Insurance Program (NFIP) is estimated to be between $2 billion and $5 billion. About 445,000 total residential and commercial property policies are in force through the NFIP in North Carolina, South Carolina and Virginia.
The insured flood loss from private insurers is estimated at less than $5 billion, according to CoreLogic’s analysis.
