Hurricane Florence Estimated to Have Caused Between $20 Billion and $30 Billion in Losses

IRVINE, CALIFORNIA—CoreLogic, a leading global property information, analytics, and data-enabled solutions provider, announced updated residential and commercial flood and wind loss estimates for Hurricane Florence. According to this new data analysis, flood loss for residential and commercial properties in North Carolina, South Carolina, and Virginia is estimated to be between $19 billion and $28.5 billion, which includes both storm surge and inland flooding. Specifically, uninsured flood loss for the same area is estimated to be between $13 billion and $18.5 billion. Wind losses are estimated to be an additional $1 billion to $1.5 billion.

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CoreLogic: Total Residential and Commercial Properties Affected by Flood and Wind Damage by State, Hurricane Florence (Graphic: Business Wire)

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 Atlantic Coast hurricanes that impact the U.S. this year, CoreLogic is planning on providing pre-landfall data for the number and associated reconstruction cost value (RCV) of at-risk homes as well as a secondary set of pre-landfall data for estimated insured property losses for wind and storm surge. For post-landfall data, CoreLogic plans to issue insured and uninsured property losses for wind, storm surge and additionally flood. Visit the CoreLogic natural hazard risk information center, Hazard HQ, to get access to the most up-to-date Hurricane Florence storm data and see reports from previous storms.