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Louisiana Flood Seen Costing Up to $15 Billion, Mostly Uninsured

  • Storm damaged up to 110,000 homes in Louisiana, Aon says
  • Three-quarters of global disaster costs uninsured in 2016
Flooded homes in Hammond, Louisiana, on Aug. 13, 2016.

Flooded homes in Hammond, Louisiana, on Aug. 13, 2016.

Photographer: Max Becherer/AP Photo

The flooding that damaged as many as 110,000 homes and more than 100,000 vehicles in Louisiana last month cost $10 billion to $15 billion, with most of the sum uninsured, according to a risk modeler.

Private residential policies don’t protect against flooding in the U.S., and at least 80 percent of the damaged homes lacked coverage through a government program, according to a report Friday from Impact Forecasting, an arm of insurance broker Aon Plc.