Property losses from the flooding in Texas caused by Hurricane Harvey's record-breaking rainfall will be between $65 billion and $75 billion, according to estimates from catastrophe modeling firm AIR Worldwide.
The figures do not include losses from Harvey's winds or storm surge. AIR estimates that industry-insured losses from wind, flood, and storm surge are expected to be more than $10 billion over and above the claims covered by the National Flood Insurance Program. Some estimates place the NFIP claims at anywhere from $7 billion to $10 billion.
Harvey dumped an estimated 27 trillion gallons of rain on Texas and Louisiana in six days, according to AIR. The National Weather Service in Houston reported 43.4 inches and 32.5 inches of rain at Houston Hobby Airport over three days, more than the previous three-day record for any major city in the United States. In Beaumont, 26 inches of rain fell on Aug. 29, and 47.4 inches for the entire storm.