Charlotte, N.C. (September 18, 2018) – As the Carolinas recovers from the torrential rains and massive flooding from Hurricane Florence, early reports estimate the economic losses from this storm could exceed $12 billion, with only about $2.5 billion expected to be insured.
Florence underscores the major and often overlooked public policy crisis of communities unprepared for flooding. CoreLogic, an AAA Insurance partner and a property information services company, estimates that 1.5 million homes were at risk of flooding in North and South Carolina, but only an estimated 400,000 properties had flood insurance in the entire region.
“Sadly these trends mirror what we saw last year after Hurricane Harvey, when close to 80 percent of properties in Texas did not have flood insurance,” said Jim McCafferty, Senior Vice President of AAA Carolinas Insurance Services. “Florence has the potential to have more non-insured losses than any other storm in North Carolina history.”
Several parts of the Carolinas received rain totals of two feet or more and many homeowners will be facing high out-of-pocket costs that they may not be able to afford.
AAA urges policyholders to contact their insurer as soon as possible to start the claims process.
A Mobile Catastrophic Claims Adjusting Unit will be set up in the parking lot of the Wilmington AAA Superstore at 3801 Oleander Drive. (Fayetteville event TBD). AAA Insurance customers can file a claim and receive assistance for additional living expenses if this option was purchased on their homeowner’s policy.
AAA adjusters have already been assigned losses and are prepared to view the damaged property as soon as authorities deem it safe to do so.
“Hurricane Florence inflicted major damage across the Carolinas and our Hurricane Task Force is ready to assist in any way we can to those affected by this devastating storm,” added McCafferty.
If you have property in need of repair you should do your due diligence on a contractor prior to agreeing for them to do the work. Unfortunately in losses of this size there are always unscrupulous individuals who will try to take advantage of this crises. We recommend that you check our references, the BBB and North Carolina Department of Insurance websites.
AAA Carolinas, an affiliate of the American Automobile Association, is a not-for-profit organization that serves more than 2.1 million members and the public with travel, automobile, and insurance services while being an advocate for the safety and security of all travelers.