Original source: https://www.insurancejournal.com/news/southeast/2019/09/05/538944.htm
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Annotation:
Insurance Journal (09/05/19) O’Connor, Amy
Hurricane Dorian might have skirted Florida, but the lethargic storm is directed toward the Carolinas after causing substantial damage in the Bahamas. CoreLogic estimated that in the event the storm is a Category two, almost properties in about 143,000 in South Carolina and North Carolina would be in danger. The combined renovation price value (RCV) to North and South Carolina would be close to about $70 billion. Nearly 600,000 houses in the Carolinas are at risk if the storm is a Category 3. North and South Carolina’s insurance divisions have made addressing the flooding insurance gap a priority during the past couple years. Only over 134,000 homeowners in North Carolina had insurance through the National Flood Insurance Program in the wake of Hurricane Florence, according to North Carolina Insurance Commissioner Mike Causey. South Carolina Insurance Director Ray Farmer stated that the state had over 200,000 flood insurance policies in force, focused largely on the shore. “A much greater job would be needed to convey that homeowners insurance does not cover flood,” he said. Related Stories: PropertyCasualty360; News4JAX; Wall Street Journal (subscription); CNBC; TravelPulse
Read the info about disaster preparedness by the NAIC. … Read More
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