Rebuilding After Hurricane Ian: Losses Could Reach $70 Billion
As Floridians rebuild their lives after Hurricane Ian made landfall weeks ago, CoreLogic released its final damage estimates. This estimate ranges from $41 billion to $70 Billion. “It includes wind loss, re-evaluated insured and uninsured storm surge loss and newly calculated inland flood loss for residential and commercial properties.”
CoreLogic provided this breakdown:
- Flood loss from NFIP and private insurance for residential and commercial properties is estimated to be between $8 billion and $18 billion, which includes both re-evaluated storm surge and new estimates for inland flooding.
- Uninsured flood loss for this area is estimated to be between $10 billion and $17 billion.
- Wind losses are estimated to be $23 billion to $35 billion.
The reason for such damage, explained by Tom Larsen, senior director of hazard and risk management for CoreLogic, is because of the massive growth in coastal real estate in Florida.
“Florida’s population has grown 50% since 1992 when Hurricane Andrew hit Miami, with disproportionately more growth in South Florida. The extra costs incurred from the surge in repair needs simultaneous with a fragile economy are headwinds to rapid reconstruction and we should expect to see resident displacement and housing affordability issues in the state for some time to come.”
