Hurricane Barry caused up to $900M in property damage

    Hurricane Barry might have caused as much as $900 million in property damage in Louisiana, according to an estimate from analytics firm CoreLogic.

    Hurricane Barry made landfall July 13 as a Category 1 storm and though downgraded quickly it left a trail of wind and flood damage as it slowly made its way north through the state.

    CoreLogic estimated flood losses for residential and commercial properties between $200 and $400 million, including storm surge and inland flooding. It also estimated flood losses from private insurers were less than $100 million

    Insured residential and commercial flood loss covered by the NFIP is estimated to be between $100 million and $200 million. Uninsured flood loss is estimated to be approximately $100 million. Specifically, less than 20% of residential flood loss is uninsured. In Louisiana, approximately 500,000 total residential and commercial property policies are in force through the NFIP. 

    Wind losses could be an additional $300 million to $500 million, according to the report, but wind losses are covered in standard homeowners insurance policies.

    The firm’s analysis was for losses from July 13-15, and doesn not include pre-landfall flooding in New Orleans or agricultural losses. Read the full report. 

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