CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today announced updated residential and commercial storm surge and wind loss estimates for Hurricane Laura. According to this new data analysis, insured wind and storm surge losses for residential and commercial properties in Louisiana and Texas are estimated to be between $8 billion and $12 billion, with insured storm surge losses estimated to contribute less than $0.5 billion to this total.
In addition to property damages, the ability to make loan payments can become compromised following a hurricane. Overall home mortgage delinquency rates (30 or more days past due, including those in foreclosure) in the Beaumont, Texas (9.3%) and Lake Charles, Louisiana (9.5%) metropolitan areas were already above the national rate (7.3%) based on the May 2020 CoreLogic Loan Performance Insights report. CoreLogic data has shown natural disasters cause a spike in mortgage delinquencies, which suggests Hurricane Laura will add to the economic hardship families are already experiencing during the pandemic.
For the full breakdown of losses by state as well as wind and storm surge impacts by metropolitan area, read the complete analysis.