The cost to repair homes after Harvey

Posted: Updated:
Losses from Harvey could reach over $40 billion. (Source: CBS News) Losses from Harvey could reach over $40 billion. (Source: CBS News)
Harvey just lingered and dumped a ton of rain over Houston and southeast Texas for four days straight. (Source: CBS News) Harvey just lingered and dumped a ton of rain over Houston and southeast Texas for four days straight. (Source: CBS News)
Gas and oil riggers have stopped production, which will most likely raise gas prices across the country. (Source: CNN) Gas and oil riggers have stopped production, which will most likely raise gas prices across the country. (Source: CNN)
(3TV/CBS 5) -

Hurricane Harvey may go down as one of the costliest hurricanes ever on record.  

The flooding continues there, where some places in Houston have already received over 50 inches of rainfall. With all this flooding, it can affect the oil and gas industry throughout the U.S. Gas and oil riggers have stopped production, which will most likely raise gas prices across the country.

[RELATED: Will Hurricane Harvey affect prices at the pump?]

If this were a hurricane that moved in and moved out quickly, it would cost Texas around $5 billion. 

Harvey is so different. It just lingered and dumped a ton of rain over Houston and southeast Texas for four days straight.

[SPECIAL SECTION: Weather blog]

Losses from Harvey could reach over $40 billion. There is a ton of homes, roads and power lines damaged that will cost a lot of money to fix.

[READ MORE: Hurricane Harvey cost estimate: $40 billion]

The most expensive storm was Katrina in 2005, with total damage up to $118 billion. Sandy was second at $75 billion and Allison in 2001 was third with $12 billion.  

[RELATED: How Arizonans can help the victims of Hurricane Harvey]

With everything flooded out, there are going to be a ton of homes that need to be repaired. Insurance companies are going to be very busy. Unfortunately, a lot of homeowner policies don’t have flood insurance.  

[RELATED: The potential economic costs of Hurricane Harvey: Explained]

The latest forecast has Harvey making landfall again early Wednesday morning, bringing a lot of rain to Louisiana and Arkansas.  

The good news is the rain has finally ended in Houston. 

[ALERT: Beware of Hurricane Harvey Scams]

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