Hurricane Michael Damage to Homes is Estimated at More than $165,000,000 According to Porch

SEATTLE, Oct. 30, 2018 /PRNewswire/ -- A new analysis from Porch, a leading home repair marketplace, found homeowners in the path of Hurricane Michael can expect to pay $2,896¹ in costs to repair their home after the storm. Michael is estimated to have caused $165,072,000 worth of damage to residential real estate in total.    

"This has been an expensive storm season for those homeowners in Florida and the Carolinas with the flooding from Florence in September followed quickly by these incredibly high winds and another round of rain from Michael," said Kyle Sandburg, Porch Vice President of Strategy and Research. "Michael's winds have been particularly damaging to homes, destroying roofs and siding, bringing down trees and blowing debris through windows. Adding in the heavy rains that followed, these homeowners are in for an extensive remediation process as they work to remove water from their homes to prevent further damage from mold and other issues."   

Following Michael, Porch has seen a large uptick of requests for the types of projects homeowners typically need to undertake as part of the post-storm recovery²:

• Drywall and plastering project requests were 750 percent higher compared to 2017.
• Roofing service requests were up 376 percent from the same time frame in 2017.
• Flooring repair projects showed a 171 percent increase in requests.
• Window projects were up 102 percent compared to the same period in 2017.
• Home building requests were also 87 percent higher. Most home building requests were for remodeling or flood and water damage restoration.

"While these storms varied in strength and size – Florence was broader while Michael had a more focused, destructive core – homes in Michael's path along the coast likely took a significant hit from the storm surge. We are likely to see an increasing economic impact from Michael in the months to come that could surpass the hit from Florence," said Sandburg.

About Porch.com
Launched September 2013, as an online home improvement network connecting homeowners with qualified professionals, Porch has grown into the industry leading partner for the home. With more than 250,000 active professionals across the U.S., Porch partners with large retailers like Walmart, Lowe's, and Pottery Barn to provide home services fulfillment for their customers, as well as direct-to-consumer access to more than 160 different home services offerings through Porch.com. Focused on assisting customers at every stage of the "home journey" – including moving in, installations, assembly, repairs and ongoing maintenance – last year alone, the company facilitated over 2 million home-related projects, generating almost $1 billion in revenue for small business owners and sole proprietors in specialty areas such as plumbing, roofing, electrical work carpentry, and more.

¹ Based on an estimate of 57,000 homes damaged during Hurricane Michael and an economic impact of $30 billion.
² Porch compared project requests from the period of 10/10/17 – 10/23/17 to project requests from 10/10/18 – 10/23/18 in 282 ZIPs in the region impacted by Hurricane Michael.

SOURCE Porch

Related Links

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