New York CNN —Losses from Hurricane Milton could reach as high as $34 billion, according to an early estimate of both flood and wind damage from research firm CoreLogic, with between $4 billion to $6 billion of those losses being uninsured flood damage.
Most insured flood damage is covered by the National Flood Insurance Program (NFIP), run by the Federal Emergency Management Agency.
Homeowners who live in areas at high risk of flooding are often required by their mortgage lender to have flood insurance.
The Milton losses will likely total far below CoreLogic’s estimated losses of up to $47.5 billion from Hurricane Helene, which came only two weeks before Milton.
The lower end of the insured losses estimate from CoreLogic would be $17 billion, with $13 billion of wind damage covered by homeowners and business insurance , and $4 billion of insured flood losses.
Persons:
Hurricane Milton, ”, Daniel Betten, Milton, “, Tom Larsen, Hurricane Helene, Ike, Helene
Organizations:
New, New York CNN, tornados, National Flood Insurance, Federal Emergency Management Agency, Homeowners, Hurricane, Insurance Information Institute, Florida Gulf, Citizens Property Insurance Corp
Locations:
New York, Hurricane Milton, Florida, United States, Sarasota, Tampa, CoreLogic, Hurricane, Florida Gulf Coast