Damage Cost of Harvey Continue to Rise


Thursday is the deadline to apply for Harvey disaster funds through Federal Emergency Management Agency and the U.S. Small Business Administration, but the total cost of damage is still a moving target, depending on who you ask.

What's real so far is the amount insurance companies have paid out since the storm hit in August.

“We initially estimated $19 billion in insured losses, and that includes flood which is estimated at $11 billion, auto losses $4.75 billion and homeowner losses are estimated to be about $3 billion,” says Albert Betts is with the Insurance Council of Texas.

But that does not include those without flood insurance. That's where FEMA comes in.

“Eight hundred ninety thousand survivors have applied and registered for disaster assistance, $1.4 billion has been approved,” says FEMA's Pamela Saulsby.

Another $2.3 billion in homeowner loans and $167 million business loans also have been approved through the SBA as of Friday.

But that still doesn't come near the total estimate damage caused by Harvey.

“We've seen estimates as high as overall damages of $180 billion in Texas, and much of that is the uninsured flood coverage in the Houston area,” says Betts.


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