Insured residential and commercial flood loss covered by the NFIP is estimated to be between $100 million and $200 million. Uninsured flood loss is estimated to be approximately $100 million. Specifically, less than 20 percent of residential flood loss is uninsured. In Louisiana, approximately 500,000 total residential and commercial property policies are in force through the NFIP. Insured loss represents the amount insurers will pay to cover damages. Unlike wind loss, which is covered by a standard homeowners policy, for residential properties flood is a separate coverage which is not mandatory outside the designated Special Flood Hazard Areas (SFHAs).
This analysis includes residential homes and commercial properties, including contents and business interruption and does not include broader economic loss from the storm. The inland flood analysis is based on the rainfall for 72 hours ending on Monday, July 15, and thus excludes the rainfall from a separate weather system in the days leading up to Hurricane Barry’s landfall.
Visit the CoreLogic natural hazard risk information center, Hazard HQ™, at www.hazardhq.com to get access to the most up-to-date Hurricane Barry storm data and see reports from previous storms.
Methodology
The U.S. Inland Flood Model models all sources of precipitation-driven flooding including riverine, stream, off-plain, and flash flooding. It delivers a comprehensive analytic view of the risk, utilizing widespread coverage of hydrologic and hydraulic data that reflects regional flooding and drainage patterns. As flood risk evolves due to urbanization and change in baseline stream and sea levels, the flood risk methodology from CoreLogic is designed to stay abreast of the latest flood risk data and research, ensuring continuity of risk insights into the future.
The CoreLogic North Atlantic Hurricane Model includes improved location risk and estimation through its robust stochastic event set, high-resolution hazard modeling, component-level vulnerability, and usage of PxPoint™, the structure- and parcel-level geocoding engine. With detailed and rigorously validated model outputs, the model provides the ability to calculate damage contributions from wind and storm surge, providing a transparent way of looking at loss as well as to obtain a better understanding of capital adequacy for the separate or combined perils of hurricane winds and coastal storm surge flooding. The model offers a complete view of the risk for all perils and sub-perils. The North Atlantic Hurricane Model is updated biennially and has been certified by the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM) since the inception of the process in 1997.