Preliminary loss estimates for Hurricane Nate, including insured and uninsured loss for both residential and commercial properties, and damage from both flood and wind, is estimated to be between $650 million and $1.35 billion, according to global property analytics provider CoreLogic. The amount doesn’t include residential and commercial uninsured flood loss, which was negligible.
Of this, an estimated $500 million to $1 billion in insured loss is attributed to damage from wind for both residential and commercial properties.
Flood loss for residential properties from Hurricane Nate is estimated at $100 million to $200 million. This includes storm surge, inland and flash flooding in Alabama, Florida, Louisiana and Mississippi. The vast majority of flood damage from Hurricane Nate is expected to be insured because the low severity of the storm kept the flooding contained to Special Flood Hazard Areas (SFHA), which are designated by the Federal Emergency Management Agency (FEMA) and are therefore required to have flood insurance.
Of the total wind damage, an estimated $375 million to $750 million represents residential loss. Most damage from hurricane wind is typically covered by private insurers.
Insured flood loss for commercial properties is estimated at $50 million to $150 million. Data for uninsured flood loss for commercial properties was negligible.
Of the total wind damage, an estimated $125 million to $250 million represents commercial loss.
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