With historic flood levels in North Carolina receding in the aftermath of Hurricane Matthew, preliminary estimates show that only a sliver of commercial and residential properties in areas most impacted by the storm are covered by policies through the National Flood Insurance Program, according to a new report from S&P Global Market Intelligence.
As of Oct. 21, FEMA had received approximately 4,700 flood insurance claims from North Carolina. But claims from the Tar Heel state comprised less than 30 percent of the 16,900 total NFIP claims filed in the wake of Hurricane Matthew.
The report also finds:
- Every river statewide was expected to drop below flood stage by Oct. 24.
- Though FEMA data indicates North Carolina had a 36 percent state penetration in Special Flood Hazard Areas as of Aug. 31, only 3 percent of the state’s population carried residential flood insurance.
- Flooding related to Matthew has impacted more than 100,000 structures in North Carolina, resulting in an estimated $1.5 billion in insured losses, the state’s public safety department said Oct. 17.
- As of Aug. 31, three affected counties, Robeson County, Wayne County and Lenoir County, each had less than 1,000 NFIP policies in force
- In areas such as Fayetteville, Goldsboro and Lumberton, less than 3 percent of households own NFIP policies.
- Karen Clark & Co. estimates that of the $12 billion in estimated flood losses from Matthew, about $10 billion is concentrated in North Carolina.
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