Hurricane Florence could cause $5 billion in damage
CoreLogic, the property information provider, estimates that Hurricane Florence could cause between $3 billion and $5 billion in losses.
The estimate includes wind and storm surge damage but does not does not include insured losses related to rainfall, riverine other flooding.
About 250,000 homes are expected to be impacted by the Category 1 Hurricane, making landfall in the Carolinas last evening.
CoreLogic’s projections are a heavy downgrade from its original estimates, made when the event was still Category 4 storm. Based on that strength, CoreLogic’s data had originally pointed to 800,000 homes in the path of the storm with an estimated $170 billion-plus in damage.
The Irvine, Calif. firm based its first estimates on 12 metro markets in the Carolinas and Virginia. Since the storm’s downgrade, new estimates are based on housing totals for 8 impacted counties in North Carolina.
Current damage estimates are projected at $2.5 billion to $4 billion for just North Carolina.
The estimate includes wind and storm surge damage but does not does not include insured losses related to rainfall, riverine other flooding.
About 250,000 homes are expected to be impacted by the Category 1 Hurricane, making landfall in the Carolinas last evening.
CoreLogic’s projections are a heavy downgrade from its original estimates, made when the event was still Category 4 storm. Based on that strength, CoreLogic’s data had originally pointed to 800,000 homes in the path of the storm with an estimated $170 billion-plus in damage.
The Irvine, Calif. firm based its first estimates on 12 metro markets in the Carolinas and Virginia. Since the storm’s downgrade, new estimates are based on housing totals for 8 impacted counties in North Carolina.
Current damage estimates are projected at $2.5 billion to $4 billion for just North Carolina.