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Florence Toll $17 Billion, Half Not Covered

North Carolina estimates that Hurricane Florence caused nearly $17 billion in damage to homes, businesses and farms.
November 6, 2018

North Carolina estimates that Hurricane Florence caused nearly $17 billion in damage to homes, businesses and farms. Up to half of that amount may not be covered by private insurance or government aid. The latest estimates from the state Department of Insurance mean that the physical and economic harm caused by Hurricane Florence has outstripped the combined damages of two previous storms, hurricanes Matthew and Floyd. The state estimates that private insurance will cover $4.8 billion in storm losses from Florence, the federal government has pledged $2.5 billion in aid, and the state has proposed spending $750 million, on top of $56 million approved by the General Assembly during a special session in early October. That leaves an estimated $8.8 billion in uncovered costs, according to Gov. Roy Cooper’s office.

 

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