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Austin, TX - Harvey's Insured Losses Estimated To Cost Nearly $19 Billion

Published on: September 15, 2017 06:15 PM
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Flood waters engulf a speed limit sign after Hurricane Irma in Jacksonville, Florida, U.S. September 12, 2017. Picture taken September 12, 2017. REUTERS/Mark MakelaFlood waters engulf a speed limit sign after Hurricane Irma in Jacksonville, Florida, U.S. September 12, 2017. Picture taken September 12, 2017. REUTERS/Mark Makela

Austin, TX - The nation’s largest state insurance trade association estimates insured losses from Harvey at nearly $19 billion — and that doesn’t count damage not covered by insurance.

The Insurance Council of Texas says windstorm and other claims from Harvey will be worth nearly $3 billion. Approximately 250,000 damaged cars and commercial vehicles will trigger around another $4.75 billion in insurance claims.

The council cites the Federal Emergency Management Agency in estimating that Harvey’s flooding will result in $11 billion in payments to homeowners with flood insurance. Those flood losses would be the second highest on record, trailing only Hurricane Katrina’s $16 billion.

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Harvey battered Texas’ Gulf Coast and flooded a vast area stretching from Houston to the Louisiana border. The storm caused 70-plus deaths and damaged or destroyed more than 250,000 homes.



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