Corlogic’s initial estimate is that the damage insured by the hurricane, which killed six people, would be between $ 8 billion and 12 12 billion. All of that cost is estimated to come from Louisiana, with insurance losses in Texas less than ઓછા 500 million, according to estimates.
Another analysis by Capital Analytics estimates that the total economic costs, including structures and businesses that were temporarily shut down during the storm, will be around 20 20 billion.
Laura’s ferocious winds cut through the roofs, knocking out hundreds of thousands of people. But the damage is less than some recent storms that hit more populated areas.
“Laura will be devastating for those hit places in places like Charles Lake City [Louisiana]”Tom Substelli-Goodyear, RMS’s senior modeling manager, estimates for the insurance industry on the cost of natural disasters.” But it was painted. The needle between New Orleans and Houston, so the worst case scenario in terms of economic losses has not been realized. “
According to Mark Zandi, chief economist at Moody’s Analytics, some businesses and homeowners will take longer to recover from economic losses due to the current economic situation.
Insurance payments can cover most of the losses for many people, homeowners who have left work or low-income businesses that cannot cover insurance deductible prices and can start repairs. And there are many people who will find that some losses are not covered by insurance.
Traditional homeowner policy will not cover the cost of flood damage. It is covered by the National Flood Insurance Program, which is part of the Federal Emergency Management Agency.
But, in the four counties of Texas, the direct impact of the hurricane, nearly a third of homes have flood insurance. And Louisiana’s 10 parishes are most affected by the storm, with only 20% of homes covered.
Some homes are not covered because they are on high ground and therefore less at risk. But many homes will be flooded by rain or storm water, which are not covered, said Tom Lars, principal of insurance solutions at Korlogic.
“As we have seen in the past in Harvey and other severe hurricanes, only 30% to 40% of flood-damaged homes have flood insurance.”
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