Overview of Hurricane Nate's $650 Million-$1.35 Billion in Total Loss

CoreLogic, a leading global property information, analytics, and data-enabled solutions provider, announced preliminary loss estimates for Hurricane Nate. According to the data analysis, total insured and uninsured loss for both residential and commercial properties, including damage from both flood and wind, is estimated to be between $650 million and $1.35 billion.* Of this, an estimated $500 million to $1 billion in insured loss is attributed to damage from wind for both residential and commercial properties.

Residential Loss

Flood loss for residential properties from Hurricane Nate is estimated at $100 million to $200 million. This includes storm surge and inland and flash flooding in Alabama, Florida, Louisiana, and Mississippi. The vast majority of flood damage from Hurricane Nate is expected to be insured because the low severity of the storm kept the flooding contained to special flood hazard areas, which are designated by the Federal Emergency Management Agency and are, therefore, required to have flood insurance.

Of the total wind damage, an estimated $375 million to $750 million represents residential loss. Most damage from hurricane wind is typically covered by private insurers.

Commercial Loss

Insured flood loss for commercial properties is estimated at $50 million to $150 million. Data for uninsured flood loss for commercial properties were negligible.

Of the total wind damage, an estimated $125 million to $250 million represents commercial loss.

CoreLogic Hurricane Nate Loss Estimates

Source: CoreLogic

Insured loss represents the amount insurers will pay to cover damage and loss.

*This total does not include residential or commercial uninsured flood loss, which was negligible.