Helene caused an estimated $30.5 billion to $47.5 billion in property damage across 16 states, but only $10.5 billion to $17.5 billion will be covered by insurance. This highlights the disparity between total damage and insured losses, showing that a significant portion of the destruction will not be compensated, particularly in areas where flood insurance is not widespread or required.
In Asheville, historic rainfall led to the French Broad River flooding to record heights of over 24 feet. This has resulted in entire towns being flooded up to the first story, indicating catastrophic damage. According to Jon Schneyer, the reality of the situation reflects total losses in entire communities, a perspective that underscores the severity and extent of Helene's impact.
Flood damage is often not covered by standard homeowners insurance, leaving many homeowners vulnerable, especially in areas where flood zones aren't defined by mortgage lenders. Schneyer states that the inland flooding from Helene's rains will likely go uninsured, posing significant risks to homeowners unaware of their coverage limitations.
In Buncombe County, fewer than 1% of homes have flood damage coverage under the NFIP, highlighting the unpreparedness of many property owners in the face of such disasters. The broader analysis across hard-hit counties reveals that only 2% are adequately protected, illustrating a critical gap in disaster preparedness.
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