AUSTIN (KXAN) — As homeowners impacted by Hurricane Harvey continue to rip out moldy walls and work on rebuilding homes that were ripped apart, the Insurance Council of Texas estimates the insured losses from the storm will be $19 billion.
The group estimates windstorm and other storm-related property losses are expected to top $3 billion. When Harvey made landfall as a category 3 hurricane on Aug. 25, it came barreling with 130 mph winds.
The council says with approximately 250,000 vehicles experiencing flood damage, those losses are expected to reach $4.75 billion. These totals do not include residential property losses due to flooding or uninsured losses.
Hurricane Ike, which made landfall near Galveston on Sept. 13, 2008, had been the costliest storm in Texas history with $12 billion in insured losses. Last year, the agency saw $5 billion in auto and homeowner hail claims after Texas was hammered with massive hail storms.
The Texas Department of Insurance is also reassuring Texas policyholders that storm claims will be paid and that the agency will aggressively enforce state laws and policy provisions to protect victims of Hurricane Harvey and the widespread flooding that followed.