Darcy Bergen has served as president and financial advisor at Bergen Financial Group in Peoria, Arizona, since 2003. In addition to her various leadership responsibilities, Darcy Bergen manages the Bergen Financial Group blog. The blog addresses a range of financial topics, including the economic impact of natural disasters such as Hurricane Matthew.
Hurricanes and other natural disasters can have a widespread impact on local economies. As one might surmise, the bulk of the financial losses attributed to a hurricane take the form of property damage. About 66 percent of total costs involve destroyed property and buildings, while the remaining 33 percent is felt through economic losses.
Initial insurance estimates for Hurricane Matthew were between $4 and $6 billion, but the final price tag exceeded $10 billion. While financial analysts have gained a better understanding of the impact a major storm can have on a local economy, damages can vary significantly from one hurricane to another. Hurricane David generated $2 billion in damages in 1979, while the final economic toll for Hurricane Katrina approached $40 billion.
Wind damage can also influence the total cost of a hurricane. For homeowners, wind damage is typically covered under basic insurance agreements, though wind damage coverage usually involves high deductibles.
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