American Homes 4 Rent estimates to pay $10M in damage from recent hurricanes
American Homes 4 Rent announced an update on the impact of Hurricanes Harvey and Irma. The company said, "We continue to prioritize the safety and well-being of our employees and residents who were affected by these storms, and are maintaining continuing contact with them to provide assistance where needed." The Company has completed its initial assessment of the impact of Hurricanes Harvey and Irma. The Company owns approximately 9,000 homes in areas impacted by these hurricanes. The Company's current assessment is that approximately 150 homes have sustained major damage and approximately 30 percent of all homes in the affected areas incurred minor damage consisting primarily of downed trees and damaged roofs and fences. The Company's property and casualty insurance policies provide coverage for wind and flood damage, as well as business interruption costs, during the period of remediation and repairs, subject to deductibles and limits. The Company estimates that the total amount the Company will be responsible to pay as a result of the hurricanes is approximately $10M.