Hurricane Ike Damage On Harris County Homes Estimated At $8.5 Billion

October 21, 2008 9:43 a.m. EST

Houston, TX (AHN) - A preliminary estimate released Monday by the Harris County Housing Authority showed that Hurricane Ike damaged $8.5 billion worth of homes, apartments and mobile homes in the county.

The huge amount indicates Ike has wrought the most damage among the weather disturbances that had hit the Houston area. Hurricane Alicia in 1983 had registered a damage of $2 billion, while Tropical Storm Allison in 2001 wrecked $1.76 billion homes. If the two figures were adjusted for inflation, Alicia's damage bill would amount to $4.11 billion, while Allison would tip at $2.1 billion.

The damage estimate was based on reports of assessment teams which inspected over 126,000 properties in Harris County a few days after Ike hit the region on Sept. 13. The reports were inputted into computer models which included wind-damage data developed by Rice University.

A risk modeling company in California, Eqecat, placed Ike's damage between $8 to $12 billion on commercial and residential properties hit by Ike. As of last week over 76,000 damage claims have been filed with windstorm insurers. Only 700 to 1,000 claims are now being filed daily, down from the peak of 6,000 daily filings two weeks after Hurricane Ike hit Galveston and southeast Texas.

After Hurricanes Katrina and Rita hit coastal counties in 2005, private insurers have stopped providing hurricane insurance in coastal areas, making the Texas Windstorm Insurance Association the wind damage insurance provider for 14 Texas coastal counties and part of Harris County.