Real Estate

CoreLogic: Hurricane Florence could cause up to $5 billion in property damage

Florence could be most damaging hurricane since Floyd

As of 8 A.M. PDT last night, data suggests that Hurricane Florence could cause between $3 billion and $5 billion in damages to property from wind and storm surge.

According to analysis from CoreLogic, the estimated insured losses are expected to spread across North and South Carolina affecting both residential and commercial properties. North Carolina is projected to absorb the brunt of the storm with an estimated 250,000 homes at risk of experiencing hurricane force winds from the now Category 1 Hurricane Florence.

Damage to North Carolina property is estimated between $2.5 billion and $4.5 billion, while South Carolina damages are expected to cost somewhere between $0.3 billion and $0.5 billion.

According to CoreLogic’s estimates, Florence could be the most damaging hurricane to hit the Carolinas since Hurricane Floyd in 1999 and may cause more damage upon landfall than Hurricanes Bertha and Bonnie combined.

The estimates on damage do not include damage from rainfall or flooding, and with the storm expected to stall once it makes landfall, the dollar number for damages could swell quickly once flooding is factored in.

Click here to read about how you can help victims of Hurricane Florence recover from the storm.

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