Majority of Harvey Losses Uninsured; Rates Stall Despite Weak Jobs Report

CoreLogic, which provides data and analytics to the insurance as well as the mortgage industry, has issued some preliminary estimates for the residential losses arising out of Hurricane Harvey . One typically thinks of wind when hearing about hurricanes, but those insured losses in this case were minor in the overall scheme of things, $1 to $2 billion. No surprise to anyone with a television, in the case of Harvey, water, incredible and historic amounts of it, was the villain. In the 70-county area in Texas and Louisiana affected, insured losses for homes and contents, including from inland, flash, and storm surge flooding, are estimated to be between $6.5 billion and $9.5 billion. CoreLogic says 98 percent of residential flood insurance in the U.S. is provided through the National Flood Insurance

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http://www.mortgagenewsdaily.com/reports/newsletter/2017/9/1/2969