September 17, 2021

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Mortgage News

Ida flood damage could cost Northeast up to $24 billion

After creating over $ 20 billion in property damage a long the gulf coast, Ida, downgraded from a Category 4 hurricane to a tropical storm, brought additional estimated flood damage of $ 16 billion to $ 24 billion in 11 states and the District of Columbia, according to CoreLogic.

Pennsylvania sustained about 26% of the damage and suffered losses between $ 4.16 billion and $ 6.24 billion. New York’s estimated losses range from $ 3.04 billion to $ 4.56 billion, New Jersey from $ 2.56 billion to $ 3.84 billion, Connecticut follows with $ 2.4 billion And $ 3.6 billion, while Massachusetts rounds the top 5 at $ 2.24 billion and $ 3.36 billion.

The remaining 10% of the damage is spread across Delaware, Maryland, New Hampshire, Rhode Island, Virginia, West Virginia and Washington, DC CoreLogic spokesman.

“With the proliferation of apartment buildings and underground structures in these areas, we will see more extreme indoor damage than we normally see in southern coastal areas,” Shelly Yerkes, senior leader, Insurance Solutions at CoreLogic, said in the report. “For example, many of the heating, ventilation and air conditioning systems in New York buildings are in the basements, so the damage to the contents should be significant.”

Overall, it is projected that commercial real estate will cause between $ 10 billion and $ 15 billion in flood damage, with $ 3 billion to $ 5 billion insured. Meanwhile, residential buildings have a potential loss of between $ 6 billion and $ 9 billion with $ 2-3 billion in insurance.

Tropical Storm Ida dropped up to nine inches of rain in a three-hour window around the New York metropolitan area, causing flash floods and overloaded drainage systems. However, infrastructure Repairs after Superstorm Sandy in 2012 limited the damage that could have been done, said David Smith, senior leader in science and analytics at CoreLogic.