American Homes 4 Rent has completed its initial assessment on the impact of Hurricane Harvey in Texas and Hurricane Irma in Florida, and estimates the storms will cost the company $10 million.
The Agoura Hills real estate investment trust owns about 9,000 single-family homes affected by the storms. The company estimates 150 homes sustained major damage, and about 30 percent its holdings incurred minor damage, such as fallen trees or damaged roofs.
The company's property and casualty insurance policies provide coverage for wind and flood damage, as well as business interruption costs, but there are deductibles and limits, the company said.
According to a story by CNBC, tenants found American Homes showed a high degree of organization and responsiveness in dealing with the storms and their aftermath.
Shares of American Homes 4 Rent (AMH) closed Tuesday up 4 cents, or a fraction of a percent, to $22.03 on the New York Stock Exchange.