Tag Archives: reconstruction cost value (RCV)

The Senate Banking Committee will host an upcoming hearing examining the state of property insurance, climate change, and its financial impact on the nation’s homeowners.

According to CoreLogic, Hurricane Idalia could damage more than 800,000 homes along the Gulf Coast area of Florida with a reconstruction cost value of approximately $238.4 billion, as storm surge heights are anticipated to rise to more than 15-feet.

While properties in Louisiana are most at-risk of flooding, an analysis of FEMA and Value Penguin data concluded that West Virginia had the highest percentage of homes that would be impacted in a 100-year storm.

A recent Senate Banking Committee hearing discussed the impending expiration of the NFIP, a measure that provides $1.3+ trillion in coverage to nearly five million homes and businesses. What can be done to enhance the Program and ensure it continues to meet homeowners’ needs?

CoreLogic reports that nearly 33 million U.S. properties may suffer the impact of hurricane-force winds, and 7.8 million could face storm surge damage in what is predicted to be a “severe” hurricane season.