10/15/2024
Helene caused an estimated $30.5 billion to $47.5 billion in property damage across 16 states after hitting the Florida Panhandle and the Southeast, according to CoreLogic. Of that, only $10.5 billion to $17.5 billion is expected to be covered by insurance, including private policies and the National Flood Insurance Program (NFIP), which covers 95% of U.S. flood policies.
Helene brought storm surges to Floridaโs Gulf Coast and historic rains across several states. In Asheville, NC, the French Broad River hit over 24 feet, breaking a century-old flood record. โEntire towns are flooded up to the first story,โ said CoreLogicโs Jon Schneyer, noting many properties face total losses.
Most inland flood damage wonโt be covered since homeowners insurance typically excludes floods unless the property is in a designated flood zone. In Buncombe County, NC, fewer than 1% of homes are covered by NFIP. Across 100 affected counties in Florida, Georgia, the Carolinas, and Virginia, only 2% of homes are protected by flood insurance.
CoreLogic estimates NFIP will pay out $4.5 billion to $6.5 billion, mostly for coastal storm surge damage. Private insurers are expected to cover another $4.5 billion to $6.5 billion for wind damage, primarily in Florida and Georgia.
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