Hurricane Helene may lead to around 5% of mortgage borrowers in affected areas becoming delinquent; however, most may self-cure within 12 months, according to Bank of America.
A staggering statistic from the report reveals that only 14.2% of homes in the five states affected by Hurricane Helene were covered by insurance, highlighting a significant gap in protection.
The analysis indicates that delinquencies following hurricanes like Harvey, Irma, and Ida can rise to anywhere between 5% to 10%, with a decline observed as time progresses.
Residents in the areas impacted by the hurricane face the distressing reality of inadequate flood insurance, with many homes destroyed and a rising concern over future insurance costs.
#hurricane-helene #mortgage-delinquency #insurance-coverage #natural-disasters #residential-mortgage-backed-securities
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