Hurricane Helene, a Category 4 storm that made landfall on September 26, caused widespread and devastating flooding across Florida, North Carolina, South Carolina, and Georgia. Data analytics firm CoreLogic estimates that the storm caused up to $47.5 billion in losses for property owners. Many residents in the path of Helene did not have flood insurance, with uninsured flood losses estimated between $20 billion and $30 billion, far surpassing uninsured wind and flood losses estimated between $10.5 billion and $17.5 billion. This leaves individual property owners responsible for paying for repairs as a significant portion of the losses may go uninsured.
CoreLogic calculates that Hurricane Helene caused between $30.5 billion and $47.5 billion in total wind and flood losses across 16 states. The firm does not plan to issue another update unless new developments warrant it. These figures come as Hurricane Milton approaches Florida as a Category 4 hurricane. The lack of flood insurance in areas facing immense flooding threats continues to be a significant issue as Milton threatens to bring additional damage to the region.
The heavy rain from Hurricane Helene caused massive devastation, particularly in western North Carolina, resulting in the death of at least 232 people across six states. The storm caused historic tidal levels in the Tampa Bay and St. Petersburg areas in Florida, impacting hotels and condos. With storms becoming more intense due to record-warm Gulf of Mexico waters, standard homeowners’ insurance policies typically do not cover flooding. Homeowners must purchase flood insurance separately, often through the National Flood Insurance Program managed by FEMA, unless they have a federally backed mortgage and are within a Special Flood Hazard Area.
Lenders do not mandate flood insurance for homes without a mortgage or those outside the Special Flood Hazard Area, leaving many properties vulnerable to flooding without coverage. Hurricane Helene’s damage was primarily due to flooding, with wind causing only $4.5 billion to $6.5 billion in losses. Perry, a small town in Florida, experienced most of the wind losses, highlighting the impact of the storm on different areas. As residents in hurricane-prone regions face the risk of increased flooding and damage, the importance of securing adequate insurance coverage becomes more critical to protect against future losses and repair costs.
