As Hurricane Milton threatens the US, Helene could cost property owners more than $47 billion
CNN
Even as Florida braces for another major hurricane, new estimates reveal Hurricane Helene caused up to $47.5 billion in losses for property owners.
Even as Florida braces for another major hurricane, new estimates reveal Hurricane Helene caused up to $47.5 billion in losses for property owners. Helene, a deadly Category 4 hurricane that made landfall on September 26, caused “widespread and devastating” flooding across Florida, North Carolina, South Carolina and Georgia, according to data analytics firm CoreLogic. And yet many residents in Helene’s path did not have flood insurance. CoreLogic estimates Helene caused between $20 billion and $30 billion of uninsured flood losses. That dwarfs the firm’s estimate of between $10.5 billion and $17.5 billion worth of insured wind and flood losses. “A significant portion of the losses from this hurricane are likely to go uninsured, leaving the individual property owner responsible for paying for repairs,” CoreLogic wrote in an update on Friday. All told, 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 said it does not plan to issue another update, unless new developments warrant it.
