Moody’s Analytics, an analytical firm, estimates that Hurricane Florence damage caused by heavy rain and flooding has totaled between $38 and $50 billion. Hurricane Florence damage includes property damage, vehicle losses, and lost output caused by the storm and its torrential rainfall.

Private insurers were preparing for Hurricane Florence damage from $1.7 billion to $5 billion. These estimates, provided by catastrophe-risk modeling firms, account for damages to homes, vehicles, and properties as well as other benefits provided to policy holders including living expenses and business interruption. However, the estimates typically exclude flood damage which is often not cover by homeowners’ insurance.

“The big thing is getting our adjusters into areas that remain flooded,” said Gina Schwitzgebel, general manager of Coastal Property Insurance Pool, speaking to the Wall Street Journal. “We’re moving as fast as we possibly can.”

Some damage may be covered under insurance claims. Coastal Property Insurance Pool is a non-profit, state-created option for insurance and insures many houses in North Carolina near the coast. Schwitzgebel says that the company is dealing with over 32,700 claims involving roof repairs, broken windows, and structural damage.

USAA, which is one of the largest insurers for the Carolinas, has around 38,000 Hurricane Florence damage claims, according to the Wall Street Journal. State Farm has received around 12,400 homeowner claims and 1,900 vehicle claims in North Carolina. The company has received around 1,610 homeowner claims and 500 auto claims in South Carolina.

The estimates for damage are far less than initially anticipated when Florence approached the coast at Category 4 wind strength.

“Since the storm weakened from a Category 4 to a Category 1 at landfall, losses for the insurance industry were cut significantly—to under $5 billion from a potential loss of $20 billion,” said Wells Fargo analyst Elyse Greenspan, speaking to the Wall Street Journal.

Insurance Coverage

Of the catastrophic Hurricane Florence damage estimated by various firms and insurance companies, not all of it will be covered by homeowners’ insurance. Many homeowners’ insurance policies do not include protection for flood damage, as those benefits cost extra.

Homeowners with flood insurance may have purchased a policy through the government flood insurance program, but others may be forced to absorb the costs themselves due to a lack of coverage.

Individuals who experienced Hurricane Florence damage to their property or business may end up footing an unexpected bill due to a lack of flood insurance. Others may find themselves overwhelmed by the lengthy process and large amount of paperwork associated with filing an insurance claim. Both groups individuals may benefit from speaking to a qualified disaster insurance attorney.

An experienced legal professional can help individuals recover the maximum available compensation for Hurricane Florence damage, ensuring that the tragic effects of the natural disaster do not do unmanageable financial damage.