Hurricane Helene Causes Massive Losses, Many Uninsured #

Hurricane Helene, a Category 4 storm that made landfall in late September, has caused estimated losses of up to $47.5 billion for property owners across multiple states. The hurricane brought widespread and devastating flooding to Florida, North Carolina, South Carolina, and Georgia.

A significant portion of these losses, estimated between $20 billion and $30 billion, are uninsured flood losses. This far exceeds the estimated $10.5 billion to $17.5 billion in insured losses from wind and flood damage combined.

The lack of flood insurance coverage means many property owners will be responsible for paying for repairs out of pocket. The total estimated losses from Hurricane Helene, including both wind and flood damage across 16 states, range from $30.5 billion to $47.5 billion.

As the region grapples with the aftermath of Helene, Hurricane Milton is now approaching Florida. Milton rapidly intensified from a tropical storm to a Category 4 hurricane in less than 20 hours, threatening to bring additional damage to an already battered area.

Helene’s impact was particularly severe in western North Carolina, where entire communities were left in ruins. The death toll from the hurricane has risen to at least 232 people across six states, making it the second-deadliest hurricane to hit the US mainland in the past 50 years.

In Florida, the hurricane caused historic tidal levels in the Tampa Bay and St. Petersburg areas, affecting many hotels and condos.

The devastation highlights a critical issue: standard homeowners’ insurance policies typically don’t protect against flooding. Flood insurance often needs to be purchased separately, usually through the National Flood Insurance Program.

Homeowners are only required to have flood insurance if they have a federally backed mortgage and live in a 100-year flood zone, known as the Special Flood Hazard Area (SFHA). Those without mortgages or living outside these zones are not required to have flood insurance, leaving many vulnerable to significant losses.

While flooding caused the majority of the damage from Hurricane Helene, wind damage is estimated to have caused $4.5 billion to $6.5 billion in losses. Most of the wind damage in Florida was concentrated in Perry, a small town of about 7,000 people.

As the region faces the threat of Hurricane Milton, the lack of widespread flood insurance coverage remains a pressing concern for many coastal and inland communities at risk of flooding.