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Tennessee Tornadoes Property Damage Hits $1B

After severe storms and at least one tornado have destroyed numerous homes across central Tennessee, at least 140 buildings have been and at least 22 people have been killed as of Tuesday.

According to CoreLogic’s Tornado Path Map, approximately 250 square miles were affected by the damaging effects of the tornadoes. The current estimate of damaged residential and commercial properties from the 50 mile-long Tennessee tornadic event, extending well beyond the Nashville metro area, is as shown in the table below. CoreLogic expects the total damage to property from this event to exceed $1 billion.

CoreLogic reports that the Tennessee tornadoes are preliminarily estimated at an intensity of EF3 to EF4, or Severe to Devastating damage. Nashville, Tennessee, was the community most impacted by this event. The 2018 Census tabulates 319,529 housing units in Davidson County, the location of Nashville.

AP News reports that much the storm tore through Nashville areas transformed by a recent building boom, including Germantown and East Nashville. There has been 16 deaths reported in Putnam County, three in Wilson County, two in Davidson County, which includes Nashville, and one in Benton County.

“It is heartbreaking. We have had loss of life all across the state,” said Governor Bill Lee.

President Donald Trump announced plans to visit the disaster area on Friday. “We send our love and our prayers of the nation to every family that was affected,” he said. “We will get there, and we will recover, and we will rebuild, and we will help them.”

Strong to severe storms still are possible across parts of the South on Tuesday, including Texas, North Alabama, Georgia, North Carolina and Virginia.

Natural disasters impact investors, service providers, mortgage servicers, government agencies, legal professionals, lenders, property preservation companies, and—most importantly—homeowners.

The 2020 Five Star Disaster Preparedness Symposium will include critical conversations on response, reaction, and assistance to ensure the industry is ready to lend the proper support the next time a natural disaster strikes.

Register today for the Disaster Preparedness Symposium.

About Author: Seth Welborn

Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer.

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