Insured residential and commercial property losses relating to Hurricane Florence are expected to reach $3 billion to $5 billion, according to early estimates from CoreLogic.
The number includes wind and storm surge but not insured losses related to rainfall, riverine or other flooding, because the full rainfall footprint is used to calculate total losses, the analytics firm said.
CoreLogic’s estimate assumes that 250,000 homes in North Carolina alone will be affected by Hurricane Florence.
This early estimate is likely to change as the slow-moving Hurricane Florence leaves its mark. CoreLogic noted, for example, that as the storm moves over land, it is expected to weaken, so some counties won’t experience the full impact of a Category 2 hurricane. Others will see substantial flooding as the storm lingers.
Also, weather forecasts at this point expect that South Carolina won’t exceed tropical storm force winds based on the projected track.