Flo's Financial Pitfalls
October 1, 2018 | Phil Aitken


Hurricane Florence continues to devastate Carolina residents as costs to repair nearly 759,000 homes exceed $170 billion dollars.  As if the emotional devastation of surviving a major hurricane isn't enough, residents are now faced with the overbearing financial woes of a category four storm.  Least financially effected by Flo is Elizabeth City, North Carolina.  Elizabeth City endured damaged to an estimated 31,166 homes and  is currently facing  nearly $6.55 billion dollars in repairs.  Myrtle Beach-Conway-North Myrtle Beach, on the other hand, are facing $16.44 billion dollars worth of repairs in order to restore nearly 93,660 homes back to order.  

Related: "The Builder's Warranty: Know Before You Purchase"

Among the highest of repair bills is Virginia.  The Virginia Beach-Norfolk-Newport News area will shell out over $79.93 billion dollars in order to repair an estimated 346,573 homes.  

Meanwhile, the National Association of Realtors is hard at work appealing to Congress for a long-term re-authorization of the National Flood Insurance Program as this is the only option on an insurance level that would benefit suffering home owners.  Congress has historically denied long-term renewals regardless of the fact that most taxpayers, home owners and communities are in desperate need of such protection.  

Insurance companies continue to brace themselves as losses have the potential to cost them one-quarter's earnings.  Companies who are likely to be most effected include RenaissanceReHoldings, Travelers, Berkshire Hathaway, Everest Re Group, Allstate, Chubb and Arch Capital.  

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For more information, contact The Aitken Home Team today!






 


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