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American Focus > Blog > Environment > Hurricane Helene could cost $200 billion. No one knows who’ll pay.
Environment

Hurricane Helene could cost $200 billion. No one knows who’ll pay.

Last updated: October 4, 2024 1:36 pm
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Hurricane Helene: Unprecedented Devastation and Insurance Gaps

The aftermath of Hurricane Helene has left a trail of destruction and devastation in the mountainous regions of North Carolina and Tennessee. The storm, one of the deadliest and most destructive in recent U.S. history, has caused at least 180 deaths and destroyed or damaged thousands of homes and buildings. The financial cost of the damages is estimated to be between $225 to $250 billion, making it more costly than previous major hurricanes like Sandy and Harvey.

One of the most striking aspects of Helene’s devastation is the lack of insurance coverage for the affected residents. While the storm caused significant damage through flooding, very few residents in the southern Appalachian mountains hold flood insurance policies, even those living in federally designated flood zones. This means that the vast majority of the losses incurred during the storm will not be covered by insurance, leaving many residents without financial assistance as they try to rebuild their lives.

Carolyn Kousky, an expert on disaster insurance, expressed concern about the lack of support for these communities, stating that it will be a long and difficult road to recovery. While the catastrophe modeling firm Karen Clark & Company estimates that insured damages from Helene will be around $6.4 billion, this is a relatively small figure considering the scale of the devastation.

The rising costs of homeowner’s insurance premiums across the United States, coupled with insurers going bankrupt or ceasing coverage in disaster-prone areas, have further exacerbated the insurance coverage gaps. However, despite the historic damage caused by Helene, states like North Carolina and Tennessee are unlikely to see a collapse in insurance availability.

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The federal National Flood Insurance Program, designed to provide public coverage for flood losses, has struggled to enroll homeowners and is billions of dollars in debt due to repeat loss events. Participation remains limited, with many residents in affected areas lacking flood insurance coverage.

While FEMA is expected to provide some financial assistance to victims of Helene, the lack of insurance coverage will make the task of rebuilding these communities even more challenging. Without insurance as a safety net, homeowners will have to rely on limited government assistance and low-interest loans to reconstruct their homes and businesses.

The aftermath of Hurricane Helene serves as a stark reminder of the importance of insurance coverage in mitigating the financial impact of natural disasters. As communities in North Carolina and Tennessee begin the long process of recovery, the need for improved insurance options and increased support for vulnerable residents becomes ever more apparent. The Department of Housing and Urban Development (HUD) plays a crucial role in providing aid and support to areas devastated by natural disasters. With a track record of spending billions of dollars on long-term recovery needs after major disasters, HUD funds home repairs and new housing development in affected communities.

However, the process of distributing aid money can be slow, taking months or even years to reach hard-hit areas. Additionally, the assistance provided by HUD may not be enough to cover the full cost of reconstruction, especially for low-income households. According to experts like Kousky, these programs were never intended to replace insurance and have limitations in terms of the support they can offer.

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Despite the widespread media coverage of events like Hurricane Helene and the staggering uninsured losses incurred, there is skepticism about whether such disasters will prompt significant changes in U.S. disaster policy. Kousky expressed doubt that the storm will lead to more people purchasing flood insurance or increased aid for disaster victims. She noted that previous wake-up calls have not resulted in substantial improvements in disaster response.

The Environmental Defense Fund, an advertiser with Grist, has no influence on Grist’s editorial decisions. It is essential to recognize the ongoing challenges in disaster response and recovery efforts, as well as the need for more comprehensive and effective policies to address the growing impact of natural disasters.

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