Hurricanes Harvey, Irma and Maria: The Lasting EffectsOctober 2nd, 2017
The long lasting effects of recent hurricanes Harvey, Irma and Maria could cost up to $40 Billion in damages according to CoreLogic analysis – the real estate information and analytics company. In Texas alone, nearly 233,000 homes are at risk of storm damage.
Hundreds of thousands of people in the areas hardest hit by these tragic storms could be displaces for weeks or even months. To make matters even worse, 9 out of 10 of the homes affected were not covered by flood insurance. The cost of this oversight alone could cost homeowners a combined $20.8 billion. CEO of Landmark Research Group, Randall Bell, believes that many homeowners, unable to afford such large loss, will just walk away from their homes. Many of the homeowners who choose to stay, will fight the insurance companies to determine if damage was caused by flood or wind.
Another issue that has arisen, is that the National Flood Insurance Program expired September 30 and the program had a cap of $5.8 billion in claims it could submit.
The recovery will be especially slow and hard for many due to these and other conditions that continue to arise.