As Hurricane Milton builds up in the Gulf of Mexico, damage projections from Hurricane Helen continue to be released, and the news is grim for homeowners.
Helen caused between $30.5 billion and $47.5 billion in property damage in 16 states after striking the Florida Panhandle late last month and carving a path of destruction across the Southeast, according to new estimates from real estate analysis firm CoreLogic. gave.
However, CoreLogic estimates that only $10.5 billion to $17.5 billion worth of storm and flood damage will be covered by insurance.
Insured losses include not only private insurance but also losses covered by the National Flood Insurance Program (NFIP), a federal program that accounts for 95% of flood insurance policies in the United States.
Damage and destruction in downtown Chimney Rock, North Carolina. ben hendren
In addition to the storm surge flooding that Helen brought to large swathes of Florida’s Gulf Coast, the storm also brought historic rainfall to multiple states.
The French Broad River flooded more than 20 feet (7 meters) in Asheville, North Carolina, and surrounding areas, according to the U.S. Geological Survey, breaking the previous record set more than 100 years ago.
“We’re seeing the entire town basically flooded to the ground floor,” said John Schneier, director of major disaster response for CoreLogic. “So what we’re talking about is total real estate losses for the entire town.”
Helen caused between $30.5 billion and $47.5 billion in property damage in 16 states after striking the Florida Panhandle and carving a path of destruction across the Southeast. ben hendren
The majority of property damage caused by Helen is likely to be uninsured.
Flood damage is typically not covered by homeowner’s insurance, and mortgage lenders are not required to insure it unless your home is within a designated flood hazard area. As a result, much of the inland flooding from Helen’s heavy rains will likely not be covered, Schneier said.
In Buncombe County, where Asheville is located, less than 1% of homes are covered for flood damage under the NFIP, according to federal data. An NBC News analysis found that of the 100 counties hardest hit by Helen in Florida, Georgia, the Carolinas and Virginia, only 2% of homes are protected by flood insurance.
CoreLogic estimates that only $10.5 billion to $17.5 billion of storm and flood damage is covered by insurance. ben hendren
CoreLogic projects that NFIP will pay between $4.5 billion and $6.5 billion in Helene-related flood damage claims. But Schneier said most of the covered losses are concentrated in coastal areas affected by storm surge, and mortgage lenders typically require flood protection.
Private insurers will pay an additional $4.5 billion to $6.5 billion to cover wind damage losses, with the majority of those losses occurring in Florida and Georgia, CoreLogic estimates. .
Schneier said many homeowners underestimate their risk of flood damage if they don’t live in a Special Flood Hazard Area (also known as a 100-year flood zone), where mortgage lenders require flood insurance. It is said that there is a possibility.
Floodwaters rose more than 24 feet in North Carolina’s French Broad River, breaking the previous record set more than 100 years ago, according to the U.S. Geological Survey. ben hendren
“If you factor in things like climate change, the rain will be heavier and the hurricanes will be wetter,” he says. “Your home’s flood risk may be higher than you realize, so being informed about your risk is an important part of preventing future damage, whether it’s mitigation or insurance.” This is the method.”
Follow The Post’s latest coverage of Hurricane Milton.
Realtor.com includes flood risk ratings in property information, and dynamic map layers include flood risk indicators showing 1% risk flood water levels for the area over 1, 15, and 30 years .
New hurricanes reignite flood risk in Florida
Meanwhile, in the Gulf of Mexico, Hurricane Milton was upgraded to a Category 4 storm on Monday. Milton is expected to hit Florida’s Gulf Coast by midweek, bringing new flooding risks to the state.
In the 100 counties in Florida, Georgia, the Carolinas and Virginia hardest hit by Helen, only 2% of homes are protected by flood insurance. By Ben Hendren Flood damage is typically not covered by homeowner’s insurance, and unless your home is within a designated flood hazard area, your mortgage lender is not required to insure you. ben hendren
The National Weather Service said in an advisory that maximum sustained wind speeds in Milton on Monday morning were 155 mph and were expected to reach Category 5 strength later in the day.
The storm is expected to make landfall near Tampa Bay on Wednesday, bringing storm surge of up to 12 feet. Rainfall amounts of 5 to 10 inches are expected across the Florida peninsula, with local precipitation totals up to 15 inches.
“This rainfall event poses a significant risk of flash flooding, urban flooding, and regional flooding, with the potential for moderate to major river flooding,” the NWS said in a bulletin.
