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Top 10 most expensive hurricanes

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Posted at 2:32 PM, Oct 01, 2015
and last updated 2015-10-01 17:32:54-04

All eyes are on Hurricane Joaquin.

The hurricane is currently a Category 4 and could get stronger.

It's the first this year that's posed a real threat to the U.S., and many on the East coast are concerned that it will be a repeat of 2012's Hurricane Sandy.

While it may not cause as much damage of Sandy did, it could still prove costly.

Flood damage isn't covered under most standard insurance plans -- in fact, it's only offered by FEMA and a handful of private firms. Wind damage on the other hand is covered by most insurance policies.

The Insurance Information Institute compiled a list of the 10 most expensive hurricanes to hit the U.S. based on payouts of insurance claims:

10. Frances: $5.6 billion, September 3-9, 2004

9. Rita: $6.6 billion, September 20-26, 2005

8. Hugo: $7.1 billion, September 17-22, 1989

7. Ivan: $8.6 billion, September 15-21, 2004

6. Charley: $9.1 billion, August 13-14, 2004

5. Wilma: $12.1 billion, Oct. 24, 2005

4. Ike: $13.6 billion, September 12-14, 2008

3. Sandy: $19.3 billion, October 28-31, 2012

2. Andrew: $23.7 billion, August 24-26, 1992

1. Katrina, August 25-30, 2005: $48.4 billion