The home and business property damage done from the storm’s flooding is notably higher than expected.
The estimated Hurricane Florence damage total from the extreme flooding is considerably higher than previously predicted. The water and wind has left damage that is now estimated to be in the 11 figure range.
Repairs from the damage that slammed the Carolinas and Virginia will be very costly.
North Carolina was hit with the majority of the Hurricane Florence damage. It faced days of downpours. Lawmakers have been meeting this week to discuss the way in which the recovery will be paid for. The total cost across the three most heavily affected states is expected to be astoundingly high.
For instance, the high-end prediction for property damage from strong winds and floodwaters was $45 billion. This is to pay for thousands of damaged and destroyed single family dwellings throughout the zone affected by Hurricane Florence. This, according to Moody’s Analytics data.
“Many of the areas that experienced flooding in the aftermath of Hurricane Matthew are enduring similar tribulations this fall, but the footprint appears to be significantly broader following Florence, stretching about 200 miles west from the North Carolina coast and spanning 150 miles from north to south, extending into South Carolina,” said Adam Kamins and Ryan Sweet, Moody’s analysts. They compared this storm to Hurricane Matthew, which struck the region in 2016.
Additional Hurricane Florence damage created losses from sources in addition to flood and wind.
For instance, a CoreLogic analysis showed that there was $28.5 billion in damage in the zone from rain combined with rising rivers and storm surge. Virginia is expected to have suffered $1 billion in losses of this nature, while South Carolina’s losses are closer to $5.5 billion and North Carolina experienced a notably higher $22 billion in losses from those causes, said a Fox Carolina report.
Of the Hurricane Florence damage that occurred, about $18.5 billion is estimated to be from uninsured homes and businesses. Of that figure, CoreLogic’s estimates state that over two thirds comprises the residential total. In North Carolina, about $14.5 billion in uninsured home and commercial property damage occurred, while South Carolina’s figure is closer to $3.5 billion and Virginia’s is $500,000.