Lafourche Booking Log – July 18, 2019
July 19, 2019
Thibodaux educator named Teacher of the Year finalist
July 19, 2019
Hurricane Barry’s impacts could approach $1 billion, according to a well-known financial services company.
Core Logic released figures this morning that say they believe Barry’s total price tag for damages (wind and flood loss) will be somewhere between $500 million and $900 million for the state.
That includes both residential and commercial damages.
The company released an itemized list of damages and why they believe their figures will play out as forecasted.
The company said it believes flood damages in Louisiana will end up costing $200 million – $400 million, which will include both storm surge and inland flooding.
Insured flood loss from private insurers is estimated at less than $100 million. Insured residential and commercial flood loss covered by the NFIP is estimated to be between $100 million and $200 million.
Uninsured flood loss is estimated to be about $100 million and Core Logic says that less than 20 percent of the residential flood loss will be uninsured.
Wind loss will likely be the biggest factor in the storm, per estimates. Core Logic says it believes wind damage from the storm will cost an additional $300 million – $500 million, though wind is covered in standard homeowners and insurance policies.
The analysis is based on rain and flood activity that occurred in Louisiana through July 15.
Core Logic said figures could fluctuate if any changes occur locally
