Adding up the bill of Superstorm Sandy damages will take weeks, but one early analysis says that at least 95,000 New York-metro-area homes worth up to $40 billion faced the storm surge.

Of that figure, $1.3 billion worth of homes were in especially beleaguered ZIP code 11414 in Howard Beach, Queens, which was lashed hard by Sandy. Before the storm hit, information and business service provider CoreLogic compiled the top 25 ZIP codes in the region at risk of exposure to Sandy; the list included 11414, as well as ZIP codes in long Island, northern New Jersey, Staten Island and Brooklyn.

The ZIP codes 11234 and 11235 in Brooklyn had an estimated $1.6 billion worth of homes were in danger of incurring damages, and the value of at-risk residences in Staten Island ZIP code 10306 was $901 million. More than $4.6 billion worth of property in Massapequa on the South Shore of Long Island was exposed to the storm.

“Not all homes that were at risk will be affected to the same degree,” Jeffrey told Crain’s. “Certainly some will only be affected by flooding, while others were a total loss.” For actual damages, insurance claim adjusters must enter the field and start reporting, a process that could entail weeks.

The insurance industry could end up paying $5 billion to $10 billion in property and casualty claims from the storm, according to the New York Times. The total economic damage from Sandy could range from $10 billion to 20 billion, including damage to homes and cars and lost business, according to Eqecat, a firm that calculates the cost of natural disasters. Eqecat said that insurance companies would be on the hook for $5 billion to $10 billion of the total damages, partially because insurers usually don’t cover flooding for homes and businesses. A federal government insurance program would most likely foot the rest of the bill from Sandy.

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