In October 2022, the U.S. Court of Claims issued a ruling awarding just compensation of $484,166.44 (plus interest) for six test property plaintiffs. The biggest awards went to the flood victims who suffered structure flooding and significant property damage during Harvey.
The awards (before interest) for the flooded test property homes reflect between 37% to 64% of the pre-flood home value. In terms of house size, those numbers yield between $98-134 per square foot of flooded space.
Because of the nature of the calculation, it may not be appropriate to apply these numbers directly to your home’s pre-flood value or lower-floor square footage. But these results should help understand the value in these cases—and what people stand to lose if they do not file claims.
These awards are subject to interest—which has been running since Harvey. According to the Court, interest started counting on the day of the flood and continues at a rate of 3.62% compounded semi-annually until the date of payment.