South Carolina expects 'horrendous' losses from flood damage to top $1bn

State insurance director says calculations are still being made but 'it is bleak' as residents learn their insurance might not cover devastation to their homes

South Carolina's state insurance director has warned of "horrendous losses" as he prepares to release the first official estimate of damage from this week's deadly flooding that claimed at least 17 lives. And many residents are learning that their insurance may not even cover damage to their homes.

Ray Farmer said he expected the preliminary assessment, set to be released as early as Friday afternoon, to be more than $1bn.