—Approximately 70 Percent of Flood Damage is Uninsured—
IRVINE, Calif. — (BUSINESS WIRE) — August 31, 2017 — CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today announced preliminary residential loss estimates for Hurricane Harvey. According to the data analysis, insured flood loss for homes in the 70-county area in Texas and Louisiana affected by the storm is estimated to be between $6.5 billion and $9.5 billion, which includes inland, flash and storm surge flooding. An additional estimated $1 billion to $2 billion in insured loss is attributed to damage from wind. Residential uninsured flood loss for the same area is estimated to be between $18 billion and $27 billion. As a result, an estimated 70 percent of flood damage from Hurricane Harvey is not covered by any insurance.
Insured flood loss covered by the National Flood Insurance Program
(NFIP) is estimated at $6 billion to $9 billion.
- This includes inland, flash and storm surge flooding.
- More than 98 percent of residential flood insurance in the U.S. is provided through the NFIP.
- Insured flood loss from private insurers is estimated at less than $0.5 billion.
- Uninsured flood loss, which represents damage from storm surge and inland flooding not covered by any insurance policies, is estimated at $18 billion to $27 billion.
- Insured loss from wind damage is estimated at $1 billion to $2 billion.
Loss Estimates from Hurricane Harvey
|CoreLogic Analysis||Flood Loss||
|Insured by NFIP||$6-9 B||
|Insured by Private Insurers||<$0.5 B|
|Total Insured Flood Loss||$6.5-9.5 B||Total Uninsured Flood Loss||$18-27 B||Total Insured Loss Including Flood and Wind||$7.5-11.5 B|