Oct 11, 2016

Hurricane Matthew To Likely Result In Higher Insurance Costs In North Carolina

Lumberton, NC
USA
by
Michael Thrasher
,
Forbes
Chris Moore walks down Martin Luther King Blvd. on October 12, 2016 in Lumberton, North Carolina. Hurricane Matthew’s heavy rains ended over the weekend, but flooding is still expected for days in North Carolina. Photo: Sean Rayford/Getty Images
Chris Moore walks down Martin Luther King Blvd. on October 12, 2016 in Lumberton, North Carolina. Hurricane Matthew’s heavy rains ended over the weekend, but flooding is still expected for days in North Carolina. Photo: Sean Rayford/Getty Images

Flooding after Hurricane Matthew’s torrential rains reportedly breached levees and pushed rivers to record levels in North Carolina, something that will likely impact future insurance costs and floodplain maps in affected areas.

Florida, Georgia and South Carolina all experienced extreme winds, a storm surge and flooding but North Carolina, where unprecedented flooding led to a state of emergency declared for all of the state’s 100 counties on Oct. 7, appears to be facing the most perilous situation.

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It’s highly probable that North Carolina residents will see increased insurance costs for current policies and new ones in the form of mandatory flood insurance policies.