CoreLogic® (NYSE: CLGX) has updated its analysis of the damage likely to be caused by Hurricane Florence and now projecth between $3 billion and $5 billion. This does not include insured losses related to rainfall, riverine or other flooding since the full rainfall footprint is an element in factoring total losses. In particular, 250,000 homes in North Carolina are projected to be affected by the hurricane.
The table above shows the estimates for commercial and residential insured property losses by state in North Carolina and South Carolina. It does not include National Flood Insurance Program (NFIP) inland flood losses (only storm surge related NFIP flood losses) as it is too soon to tell what the potential rainfall, riverine, and other flooding will amount to in order to tabulate losses for that peril.
The number of residential properties indicated in the table above does not consider inland flooding. As Florence moves over land, it is expected to weaken, so some counties won’t experience the full impact of a Category 2 hurricane. This is represented in the table as zero values. Certain counties will experience both Category 1 and Category 2 impacts because the properties closer to the coast are likely to experience stronger winds relative to the more inland properties. In particular, it is expected that South Carolina will not exceed tropical storm force winds based on the projected track and is therefore not included in the table.
