Hurricane Helene Causes Catastrophic Damage Estimated at $47 Billion
As Florida prepares for another major hurricane, new estimates reveal that Hurricane Helene has caused devastating losses for property owners, estimated between $30.5 billion and $47.5 billion. The Category 4 hurricane made landfall on September 26, unleashing widespread flooding across Florida, North Carolina, South Carolina, and Georgia, according to data analytics firm CoreLogic.
The hurricane’s destructive path has left many residents without flood insurance, resulting in uninsured losses estimated between $20 billion and $30 billion. CoreLogic’s analysis indicates that the majority of losses stemmed from flooding, with insured wind and flood losses ranging from $10.5 billion to $17.5 billion.
CoreLogic stated, “A significant portion of the losses from this hurricane are likely to go uninsured, leaving the individual property owner responsible for paying for repairs.” With the total losses across 16 states, the hurricane’s impact is being felt deeply in affected communities.
In the aftermath, the death toll from Hurricane Helene has reached at least 232, marking it as the second-deadliest hurricane to strike the U.S. mainland in the last 50 years. The latest figures come as Hurricane Milton approaches Florida, posing additional threats to the already battered region.
Moody’s RMS Event Response estimated that Helene could lead to approximately $11 billion in private market insured losses, including wind damage and rain-induced flooding. The National Flood Insurance Program may face losses exceeding $2 billion.
Historically, homeowners’ insurance does not cover flooding, and many residents are not mandated to obtain flood insurance unless they are in federally designated flood zones. This gap in coverage highlights the vulnerability of homeowners in flood-prone areas.
The devastation wrought by Hurricane Helene serves as a stark reminder of the growing risks associated with climate change and extreme weather events, emphasizing the need for robust disaster preparedness and insurance coverage.
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