Harvey on Track to be the Most Expensive Storm in US History
Harvey might be one of the most expensive natural disasters in the history of the United States, but putting an exact monetary figure on the storm that has lingered over Texas for days is proving to be difficult.
There are 2 financial measurements in play: insured losses, which accounts for what insurance companies pay out, and the impact on the economy.
Both numbers are expected to be large, as more than 50 ins of rain has fallen on Texas since Harvey made landfall last Friday night as a Category 4 Hurricane. It has since been downgraded to a tropical storm and is now puring rain on southwest Louisiana.
Texas and Louisiana are experiencing massive flooding, with thousands of homes under water and people stranded.
AccuWeather predicted Tuesday that Harvey ultimately could carry a $190-B hit to the economy, which would make it the costliest storm in US history.
Hurricane Katrina in Y 2005 cost the economy an estimated $160-B, while Y 2012’s Hurricane Sandy cost $70.2-B.
Insurance experts said most of the people whose homes were damaged in the floodwaters do have flood insurance, so repairing the damage will be on them.
The director of insurance at the Consumer Federation of America, thinks the out-of-pocket costs for homeowners with flooded homes could reach a record $28-B.