Michigan Dam & Flood Disaster
Veros Real Estate Solutions Determines the Potential Residential Property Risk Resulting from Dam Failures and Floods in Multiple Michigan Counties: May 20, 2020
(Photo by Benjamin Arie / NewsNet)
Overview
Dam breaks and a flood in the middle of a global pandemic, it’s an unimaginable scenario that quickly became a reality on May 20, 2020, in four Michigan counties. Veros analyzed the impact of this disastrous event and determined the potential number of residential properties that may have sustained some level of damage.
Veros identifies 20,507 residential properties potentially impacted in the core of the Michigan Dam & Flood Event, with a total market value of $3,062,392,700 billion based on the predictive analytics available through the VeroVALUE AVM.
Using public records, proprietary data and mapping technology, this report details the potential impact to homes, outstanding mortgages and potential impact to insurance coverage.
Michigan Dam & Flood Disaster Property Impact Key Stats
Potentially 34,635 properties in the region were at stake, with 20,507 in the direct core of the flood event with the potential for more significant damage.
Total market value of potentially impacted properties in the core and buffer zones exceeds $5.069 Billion.
Saginaw County was the hardest hit county in Michigan.
Disaster Facts & Figures
500-Year Heavy Rain & Flooding Event: May 20, 2020, heavy rain caused significant flooding; it was referred to as a once in 500-year event
Flooding Caused Dams to Break: Both the Edenville and Sanford Dams were breached, contributing to the flooding and resulting property damage
Civil Impact: Roads became impassable, a boil water advisory issued, and regulatory concerns raised over the Edenville Dam’s hydro-power generating license
Mass Evacuations: Evacuation order went into effect for over 3,500 homes and 10,000 people
Shelters & COVID-19: Evacuees temperatures checked and masks provided at shelters
State and Federal Declarations: Governor Gretchen Whitmer declared a state of emergency on May 19, 2020. FEMA EM-3525 declared on May 21, 2020
Tittabawassee River Center of Flooding and Dam Breaks
Michigan Flood Event Core
This map shows the flooding along the Tittabawassee River, and its potential direct impact on residential properties in Michigan counties. The winds, rain and intense storms further impacted the area.
Homes in Midland are surrounded by floodwater.
Photo: David Guralnick, The Detroit News
Find Out The Exact Number of Properties Likely Impacted by the Michigan Dam & Flood
Veros determined the potential property-level impact within the counties identified to have been affected by the Flooding in Michigan that began on May 20, 2020.
COVID-19, Dam Breaks and Flooding
As the dams broke, the river rose, water breached the banks, the rise of COVID-19 cases continued its upward trajectory as reported on May 20, 2020. When the flooding hit, residents were forced from their homes and faced the uncertainty of going to a shelter where social distancing would be difficult. The light blue box is the COVID-19 new case trend that occurred during the flooding event activity tracked in this report. For complete COVID-19 tracking, go to the Veros COVID-19 Tracker.
Michigan Flood & Dam Break Summary
The total impact of the dam breaks and flooding was extreme. People were forced from their homes with many homes water damaged and lost, businesses interrupted and lives forever changed. In addition, this flooding occurred during the COVID-19 virus pandemic, causing further strain on shelters, first responders and citizens following stay at home orders as well as social distancing guidelines.
Veros is committed to supporting the challenges faced by the organizations helping those in need. Veros continues to monitor the impact of floods and future natural disasters as they occur. Our thoughts are with the people and responders challenged with the effects of this event.
When Disaster Strikes, Veros Is There for You.
To request a complete list of potential properties and localized damage as a result of the Michigan Floods, visit: Veros.cc/Data or call: 866.458.3767.
To subscribe to future natural disaster reports from Veros Real Estate Solutions, please visit: Veros.com/911
What Disaster Data Can Do for Your Business.
Proactively help the people most in need by identifying at risk loans and rapidly initiating contact to offer assistance
Identify damaged and high-risk properties
Accelerate clear-to-close time for unimpacted properties
Determine risk rating and focus risk management efforts on high-risk properties
Streamline the property assessment process
Eliminate unnecessary property inspections
