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Residential flood damage from Hurricane Harvey could reach as high as $37 billion, with more than two-thirds of losses not covered by insurance, according to CoreLogic estimates.
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Insured flood loss for homes in the 70-county area affected by the storm, including inland, flash and storm surge flooding, is projected to be between $6.5 billion and $9.5 billion; insured damage from wind is estimated to be an additional $1 billion to $2 billion, CoreLogic said.
A mail box narrowly breaks the surface above a flooded street in a suburb of Houston, Texas, as U.S Border Patrol riverine agents evacuate residents in the flooded areas in the aftermath of Hurricane Harvey August 30, 2017. U.S. Customs and Border Protection photo by Glenn Fawcett
Glenn Fawcett
But for the same area, uninsured residential flood loss is expected to be between $18 billion and $27 billion — or 70% of total residential flood losses.
Homeowners without insurance may still be able to receive federal disaster assistance through the Federal Emergency Management Agency. FEMA may be able to assist with loans and grants to cover losses and repairs, unemployment payments and rental payments for temporary housing, according to the Mortgage Bankers Association.
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In the past, the top five most expensive hurricanes to the NFIP were Katrina (2005), Sandy (2012), Ike (2008), Ivan (2004) and Irene (2011). The storms cost the program more than $30 billion in payouts.
The Harvey recovery is expected to be among the most costly natural disaster rebuilding efforts in American history, with rainfall also setting a record for the continental U.S., according to the National Weather Service.
Upon his arrival in Corpus Christi, Texas, on Thursday, Vice President Mike Pence warned that housing for storm victims is emerging as the biggest challenge in Harvey recovery.
Treasury Secretary Bessent said FSOC is readjusting its approach to avoid stifling growth in moves with implications for capital, technology and mortgages.
Approximately 70% of home purchasers do not get more than one quote in the mortgage process, doing so could reduce their rate by 50 basis points, Zillow said.
The Federal Reserve Board of Governors voted Wednesday to reappoint 11 sitting regional Fed presidents, without any dissents. The move precludes any effort the White House might have made to pressure the board to deny reappointments.
