Hurricane Harvey is expected to become one of the costliest natural disasters in US history.

Research firm Moody's Analytics estimates the total damage could reach 108 billion dollars -- the second highest figure after Hurricane Katrina in 2005.

Harvey made landfall late last week on the Gulf Coast of Texas. The heavy rainfall caused flooding in Houston and other areas and forced oil refineries to shut down.

The damage to homes is estimated at 55 billion dollars. Commercial properties suffered a loss of 20 billion dollars. The estimate for vehicle damage is 12 billion dollars.

Another research firm says 70 percent of the owners of damaged homes have no insurance coverage.

The disaster could cause a temporary slowdown in personal spending, putting a drag on the US economy.