Total Hurricane Harvey residential flood loss may hit $37 Billion
August 31, 2017
• Approximately 70 percent of flood damage is uninsured
• Flood loss covered by the National Flood Insurance Program is estimated at $6 billion to $9 billion
flood loss for the Houston, Texas, area could be as much as $27 billion, according to an estimate compiled by real estate financial information company CoreLogic Inc. (NYSE: CLGX) of Irvine.
In contrast, insured flood loss for homes in the 70-county area in Texas and Louisiana affected by the Hurricane Harvey is estimated to be between $6.5 billion and $9.5 billion, which includes inland, flash and storm surge flooding. An additional estimated $1 billion to $2 billion in insured loss is attributed to damage from wind, says CoreLogic.
It says the insured flood loss covered by the National Flood Insurance Program (NFIP) is estimated at $6 billion to $9 billion. More than 98 percent of residential flood insurance in the U.S. is provided through the NFIP.
Insured flood loss from private insurers is estimated at less than $500 million. Insured loss represents the amount insurers will pay to cover damage and loss.
CoreLogic says its analysis includes residential homes, including contents, and does not include commercial, loss of business or other broader economic loss from the storm.