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    Florence Could Mean $170 Billion of Property Damage, CoreLogic Says

    NOAA

    As Hurricane Florence bears down on the southeastern United States, nearly 759,000 homes are in the storm’s path, and a worst-case rebuilding scenario could cost more than $170 billion, according to an estimate from real estate data provider CoreLogic.

    CoreLogic calculated the reconstruction cost value, which is the total expense of completely rebuilding a property in case of 100% destruction, for 12 metro areas in the Carolinas and Virginia. The table below shows those estimates for a Category 4 storm, which is Florence’s current designation. Additional estimates based on other categorizations is available on CoreLogic’s web site.

    Area Total Homes
    at Risk
    Reconstruction
    cost value
    Elizabeth City, NC 31,166 $6.55 billion
    Greenville, NC 1,447 $271.6 million
    Jacksonville, NC 9,338 $1.76 billion
    Kill Devil Hills, NC 22,566 $4.54 billion
    Morehead City, NC 30,731 $5.9 billion
    New Bern, NC 22,288 $4.95 billion
    Washington, NC 10,859 $1.98 billion
    Wilmington, NC 33,590 $7.75 billion
    Charleston-North Charleston, NC 133,239 $34.31 billion
    Georgetown, SC 23,200 $5.91 billion
    Myrtle Beach-Conway-N. Myrtle Beach, SC 93,660 $16.44 billion
    Virginia Beach-Norfolk-Newport News, VA 346,573 $79.93 billion

     

    On Tuesday, as Florence barreled toward the Eastern Seaboard, the National Association of Realtors renewed its call for Congress to enact a long-term reauthorization of the National Flood Insurance Program, the public program that’s the only insurance option for many homeowners in harm’s way.

    Most stakeholders agree that the NFIP needs an overhaul to protect taxpayers, homeowners, and communities, but Congress has repeatedly punted on anything more than short-term renewals.

    Meanwhile, insurance companies are also bracing for a hit.

    The property-and-casualty insurers and reinsurers potentially exposed include RenaissanceRe Holdings, Everest Re Group, Travelers, Chubb, Allstate, Arch Capital and Berkshire Hathaway, said JPMorgan analyst Sarah DeWitt, who estimated the losses could approach one-quarter’s worth of earnings.

    The post Florence Could Mean $170 Billion of Property Damage, CoreLogic Says appeared first on Real Estate News & Insights | realtor.com®.

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