June 2020
- Three of the ten most costly hurricanes to hit the United States caused insured property damage in Georgia: Hurricane Michael in 2018, Hurricane Irma in 2017, and Hurricane Katrina in 2005.
- Georgia has a residual market plan that acts as a market of last resort for residential and commercial property insurance in the state. The plan had 14,176 habitational and business policies in fiscal year 2019, down from 22,844 policies in fiscal year 2016. Exposure to loss under the plan was $2.1 billion in 2019, down from $3.0 billion in 2016.
- There were 86,583 flood insurance policies in Georgia in 2018. Standard homeowners policies typically do not cover flood damage. Flood insurance is covered by the National Flood Insurance Program and an increasing number of private insurers.
- Between 10,000 and 163,000 single-family homes are at risk of damage from storm surge in Georgia, according to CoreLogic. In terms of reconstruction costs, storm surge damage would range from $3.0 billion to $37.33 billion. The ranges reflect the intensity of hurricanes, with the lower range corresponding to a weak hurricane and the highest range reflecting damage from Categories 1 up to a rare Category 5 hurricane.
Other Resources
I.I.I. Facts & Stats: Flood Insurance
