David Smith, Senior Director of Model Development at CoreLogic, spoke with GISCafe Voice about the recent analysis of loss from flooding from Hurricane Florence released by CoreLogic.
CoreLogic analysis shows Hurricane Florence is estimated to have caused between $20 billion and $30 billion in flood and wind losses.
According to this new data analysis, flood loss for residential and commercial properties in North Carolina, South Carolina and Virginia is estimated to be between $19 billion and $28.5 billion which includes both storm surge and inland flooding. Specifically, uninsured flood loss for the same area is estimated to be between $13 billion and $18.5 billion. Wind losses are estimated to be an additional $1 billion to $1.5 billion.
- What percentage of loss from flooding is characteristically covered by insurance?
- The percentage of flood losses covered by insurance, whether through the NFIP (National Flood Insurance Program) or through private insurance, is typically low in major flood events, especially on the residential side. Our modeling indicates that about 85 percent of the residential flood losses in Florence will be uninsured. This is even greater than the estimated 70 percent of uninsured residential flood losses as a result of Hurricane Harvey last year.
- Will new areas be considerate for designated Special Flood Hazard Areas after this hurricane? How does that work?
- It’s possible that new areas could be considered for designated Special Flood Hazard Areas (SFHAs) after Hurricane Florence. FEMA is continually updating its flood maps and flood elevations, and major flood events in the past have raised the priority of such updates in the affected areas.
It’s important to recognize that the SFHAs are designed to identify areas that are subject to flooding with an annual probability of 1 percent or greater – sometimes described as a 100-year return period. Areas outside the SFHAs often flood in major events, in which we often see rainfall return periods well beyond 100 years.