Almost 2 million homes in Florida, South Carolina, North Carolina and Georgia are at risk of storm surge damage from Hurricane Matthew with an estimated $405 billion in total reconstruction cost value, according to new analysis from CoreLogic.
Here’s the CoreLogic graphic showing the total number and value of residential properties at risk of storm surge damage from Hurricane Matthew by state:
The estimates come as Hurricane Matthew, still a major Category 3 storm packing 120 mph winds, continues its northward trek brushing along Florida’s northeast coast Friday, with its eye remaining just offshore.
In its latest advisory, the National Hurricane Center (NHC) said that Matthew is expected to remain a hurricane until it begins to move away from the U.S. on Sunday, though it is forecast to weaken during the next 48 hours.
A hurricane warning now stretches as far as Surf City, North Carolina.
The NHC said:
“There is a danger of life-threatening inundation during the next 36 hours along the Florida northeast coast, the Georgia coast, the South Carolina coast, and the North Carolina coast from Sebastian Inlet, Florida, to Cape Fear, North Carolina. There is the possibility of life-threatening inundation during the next 48 hours from north of Cape Fear to Salvo, North Carolina.”
Here’s the 11am NHC prototype storm surge watch/warning graphic, showing locations most at risk for life-threatening inundation from storm surge extend from Florida to North Carolina:
It’s important to note that flood damage resulting from heavy rain, storm surge and hurricanes is excluded under standard homeowners, renters and business insurance policies.
Separate flood coverage is available, however, from FEMA’s National Flood Insurance Program (NFIP) and from a few private insurers.
Flood damage to cars would be covered under the optional comprehensive portion of an auto insurance policy.
The NHC has a storm surge inundation map which means anyone living in hurricane-prone coastal areas along the U.S. East and Gulf coasts can now check out and evaluate their own unique risk to storm surge.
Insurance Information Institute experts are available to discuss the insurance implications of Hurricane Matthew.
Check out the I.I.I. facts and statistics on flood insurance.