The National Flood Insurance Program (NFIP), managed by FEMA, has paid over $1.4 bn to policyholders for flood losses caused by Hurricane Helene. More than 56,000 claims were filed following the storm’s landfall.
FEMA projects total flood insurance claim losses from Hurricane Helene to range between $3.5 bn and $7 bn. These estimates, current as of Nov. 12, 2024, are subject to change.
Claims were submitted across six states, with Florida accounting for the majority.
Of the total paid, over $520 mn was issued as advance payments. Policyholders can receive up to $20,000 in advance, enabling them to begin recovery efforts while awaiting further claim processing.
We are committed to helping policyholders focus financial resources on recovery. By extending the grace period for renewing policies, we’re providing breathing room and reaffirming the NFIP’s support during this difficult time
Jeff Jackson, interim Senior Executive of the NFIP
On Oct. 10, FEMA extended the policy renewal grace period for NFIP policyholders in Florida, Georgia, Kentucky, North Carolina, South Carolina, Tennessee, and Virginia affected by Hurricane Helene. These policyholders now have until Nov. 26, 2024, to renew, compared to the standard 30-day grace period.
Florida policyholders received an additional extension until Dec. 10, 2024, due to impacts from Hurricane Milton.
Less than two weeks after Hurricane Helene made landfall along Florida’s Big Bend as a Category 4 storm, Hurricane Milton came ashore near Sarasota, Fla., on Oct. 9, 2024, as a Category 3. While coastal residents in the Southeastern U.S. are accustomed to major storms during hurricane season, Helene in particular resulted in inland devastation that was significantly different.
In some parts of Western North Carolina and Eastern Tennessee the effects of Helene from damaging winds and flooding are still being assessed weeks after the storm, and some local governments remain unable to quantify both the damage and repairs necessary. Hurricane Milton continued across Florida, leading to flooding and nearly 120 tornadoes that destroyed properties along the state’s east coast.
Hurricane Helene alone could generate up to $7 bn in NFIP claims, including loss adjustment expenses, with over 55,000 claims filed by early November 2024.
Hurricane Helene’s projected track across Florida’s panhandle and the South has potential implications for public safety and business continuity.
Nearly 162,000 commercial real estate properties in the state have a greater than 50% probability of being exposed to wind speeds of at least 50 mph — the wind speed at whic
