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Residential flood damage from Hurricane Harvey could reach as high as $37 billion, with more than two-thirds of losses not covered by insurance, according to CoreLogic estimates.
Insured flood loss for homes in the 70-county area affected by the storm, including inland, flash and storm surge flooding, is projected to be between $6.5 billion and $9.5 billion; insured damage from wind is estimated to be an additional $1 billion to $2 billion, CoreLogic said.
But for the same area, uninsured residential flood loss is expected to be between $18 billion and $27 billion — or 70% of total residential flood losses.
Homeowners without insurance may still be able to receive federal disaster assistance through the Federal Emergency Management Agency. FEMA may be able to assist with loans and grants to cover losses and repairs, unemployment payments and rental payments for temporary housing, according to the Mortgage Bankers Association.
5 ways servicers are helping homeowners affected by Harvey
In the past, the top five most expensive hurricanes to the NFIP were Katrina (2005), Sandy (2012), Ike (2008), Ivan (2004) and Irene (2011). The storms cost the program more than $30 billion in payouts.
The Harvey recovery is expected to be among the most costly natural disaster rebuilding efforts in American history, with rainfall also setting a record for the continental U.S., according to the National Weather Service.
Upon his arrival in Corpus Christi, Texas, on Thursday, Vice President Mike Pence warned that housing for storm victims is emerging as the biggest challenge in Harvey recovery.
Half of the underlying support for the token in the investment property sale of a Honolulu condominium will be backed by the borrower's cryptocurrency.
The acquisition adds mortgage warehouse lending to Minnesota's Stearns Bank, the latest to offer the service during a multiyear period that has seen several new entrants and exits.
The subcommittee to be chaired by Sen. Katie Britt, R.- Ala. will oversee servicing and HUD at a time when Republicans are resurfacing legislative proposals they now have more power to advance.
The organization founded in 2022 has been a vocal advocate for passage of a trigger leads bill, which was axed in a congressional spending bill in December.