Hurricane Irma damage could be as high as $65 billion
MIAMI – Sept. 20, 2017 – Hurricane Irma’s monstrous 185 mph winds seemed to be the biggest menace as the storm inexorably made its way toward Florida earlier this month. But according to a study by the information company CoreLogic, flooding wreaked the costliest damage to homes and businesses in the storm’s path.
According to the analysis, the total insured and uninsured loss for both residential and commercial properties is estimated to be between $42.5 billion and $65 billion.
CoreLogic estimates total flood loss for residential properties in Florida, Alabama, Georgia, North Carolina and South Carolina to range between $25 billion and $38 billion.
Of this flood total, insured residential flood loss covered by FEMA’s National Flood Insurance Program is estimated at $5 billion to $8 billion. Uninsured residential flood loss – 80 percent of the total flood damage – is estimated at $20 billion to $30 billion.
Insured commercial flood loss is estimated at $4 billion to $8 billion, most of which is covered by private insurers.
Wind damage, which is typically covered by insurers, was estimated to be between $13.5 billion to $19 billion. Residential losses ($11 billion to $15 billion) accounted for the bulk of that amount.