An analysis of final estimated uninsured and insured damages in impacted states following Hurricane Ian reveals total flood and wind related losses are between $41 billion and $70 billion.
The analytics and data provider CoreLogic said that that estimate includes wind loss, re-evaluated insured and uninsured storm surge loss and newly calculated inland flood loss for residential and commercial properties.
Flood loss from private insurance and the National Flood Insurance Program (NFIP) for residential and commercial properties is estimated to be between $8 billion and $18 billion.
That total includes both re-evaluated storm surge and new estimates for inland flooding.
A sign is stuck in a pile of home furnishings that reads "please
don't take anything insurance must document you loot I shoot" on Oct. 7,
2022 in Fort Myers, Florida.
In addition, uninsured flood loss for Florida, South Carolina and other states is estimated to be between $10 billion and $17 billion.
Wind losses are estimated to be $23 billion to $35 billion.
CoreLogic used the U.S. Inland Flood Model and the CoreLogic North Atlantic Hurricane Model to reach these conclusions.
Renardo Josino rests in his vehicle on Oct. 7, 2022 in Fort Myers,
Florida. Mr. Josino said he was in the area hoping to help people
recover from the storm and with no hotel rooms available he is using his
van.
Insured loss represents the amount insurers will pay to cover damages.
Flood is a separate coverage and not mandatory outside designated Special Flood Hazard Areas (SFHAs).
The inland flood analysis is based on the rainfall from Sept. 25 to Oct. 4.
According to CoreLogic, more than 66,000 pending mortgage applications worth nearly $22.5 billion are currently in progress in Florida and the Carolinas and are in jeopardy from Hurricane Ian damages.