The cost of Hurricane Ian is still being tallied, but early estimates put the damage at upwards of $70 billion. If you were affected by the hurricane and do not have insurance, your options for financial assistance are limited.
Cost of Hurricane Ian – The Short Version:
- According to CoreLogic, damages from Hurricane Ian are expected to cost $41 billion-$70 billion.
- This updated estimate includes wind loss, re-evaluated insured and uninsured storm surge loss and newly calculated inland flood loss for residential and commercial properties.
- Wind losses are estimated to range from $23 billion-$35 billion. Residential and commercial flood losses from the National Flood Insurance Program and private insurance are expected to be $8 billion-$18 billion.
- Uninsured residential flood losses are projected to range from $10 million-$17 million.
Hurricane Ian was one of the most destructive hurricanes in recent memory. According to CoreLogic, the total cost of damages is expected to be between $41 and $70 billion. This updated estimate includes wind loss, re-evaluated insured and uninsured storm surge loss and newly calculated inland flood loss for residential and commercial properties.
Wind Losses
Wind losses are estimated to be the most costly damage from Hurricane Ian, ranging from $23 billion to $35 billion. These losses are primarily covered by homeowners insurance policies. If you have a policy, review it carefully to see what is and is not covered. Many policies have separate deductibles for hurricane damage, so be sure you know how much your deductible is before a storm hits.
Flood Losses
In addition to wind damage, Hurricane Ian also caused significant flooding.
Residential and commercial flood losses from the National Flood Insurance Program and private insurance are expected to be $8 billion to $18 billion. Unfortunately, many people do not have flood insurance because it is not required by law unless you live in a designated flood zone. If you live in an area that was affected by flooding but do not have insurance, your only option for financial assistance will be through government disaster relief programs. However, these programs typically only cover a portion of the damages incurred.
Cost of Hurricane Ian – Uninsured Losses
Uninsured residential flood losses from Hurricane Ian are projected to range from $10 million to $17 million. If you do not have flood insurance and suffered damages as a result of the hurricane, you may be able to get some help from charities or nonprofits specializing in disaster relief. You can also try contacting your local government or FEMA to see if you qualify for any assistance programs. However, it is important to keep in mind that these organizations typically have limited resources, so they may not be able to help everyone who needs it.
The cost of Hurricane Ian is still being tallied, but early estimates put the damage at upwards of $70 billion. If you were affected by the hurricane and do not have insurance, your options for financial assistance are limited.
Contact us today if you have questions about how to get the help you need after being affected by Hurricane Ian. Our team of knowledgeable and experienced professionals can work with you to better understand your situation and find the right solution.
