AUGUST 2016
- Vermont was one of over a dozen states impacted by Hurricane Sandy in October 2012. Sandy caused $18.75 billion in U.S. property losses, excluding flood insurance claims covered by the federal flood insurance program, according to estimates from ISO’s PCS unit. This would make Sandy the third most costly U.S. hurricane, after hurricanes Katrina and Andrew.
- Sandy resulted in $13 million in private insurance claims in Vermont. At $9.6 billion and $6.3 billion, respectively, New York and New Jersey suffered the largest private insurance losses by far from Sandy.
- Vermont was one of 14 states affected by August 2011’s Hurricane Irene, the first hurricane to hit the U.S. since Hurricane Ike in 2008. Irene impacted 14 states, causing a total of $4.3 billion in insured property damage, according to ISO, not including flood losses covered under the National Flood Insurance Program (NFIP). The NFIP puts its claims payouts from Irene at $1.3 billion (in all states). Some of the most serious damage from Irene resulted from river flooding in Vermont.
- There were 4,096 flood insurance policies in Vermont in 2015. Standard homeowners policies typically do not cover flood damage. Flood insurance is covered by the National Flood Insurance Program.
- Vermont suffered damage from Hurricane Floyd, one of the most costly U.S. floods, based on NFIP payouts. The 1999 storm caused a total of $462 million in flood insurance losses in several New England and Mid-Atlantic states. This is in addition to $1.96 billion in insured (non-flood) losses ($2.80 billion in 2015 dollars).
Other Resources
I.I.I. Facts & Stats: Flood Insurance
I.I.I. Facts & Stats: Hurricanes
I.I.I. Issues Updates: Catastrophes
I.I.I. Issues Updates: Hurricane and Windstorm Deductibles
