Hurricane Irma property damage at up to $65bn: CoreLogic
Total insured and uninsured loss for both residential and commercial properties caused by Hurricane Irma, including damage from both flood and wind, is estimated to be between $42.5 billion and $65 billion, according to data provider CoreLogic.
Of this amount, an estimated $13.5 billion to $19 billion in insured loss is attributed to damage from wind for both residential and commercial properties.
Flood loss for residential properties from Hurricane Irma is estimated at $25 billion to $38 billion. This includes storm surge, inland and flash flooding in Florida, Alabama, Georgia, North Carolina and South Carolina. Of this flood total, insured residential flood loss is estimated at $5 billion to $8 billion and uninsured residential flood loss is estimated at $20 billion to $30 billion. As a result, an estimated 80 percent of flood damage to residential properties from Hurricane Irma is not covered by any flood insurance.
Of the total wind damage, an estimated $11 billion to $15 billion represents residential loss. Most damage from hurricane wind is typically covered by private insurers.
Insured flood loss for commercial properties is estimated at $4 billion to $8 billion. Data for uninsured flood loss for commercial properties, which could equal or exceed insured loss estimates, is unavailable.
Of the total wind damage, an estimated $2.5 billion to $4 billion represents commercial loss.
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