Hurricane Florence is expected to produce billions of dollars in insured losses, and there is already evidence that the storm will impact prices in the Miami Valley and beyond, according to experts.
“The damage that’s being done right now in North Carolina is already starting to creep into our future prices,” said University of Dayton professor of analytics, Michael Gorman. “There will be impacts on products such as corn, cotton, and tobacco, where North Carolina has certainly sustained some damage of those crops that may not have been harvested.”
Franklin resident, Graciela McLaughlin is concerned about higher costs.
“It’s going to affect everybody. People that are already suffering, low income people,” said McLaughlin.
Florence is predicted to produce over $10 billion in insured losses, according to the Consumer Federation of America.
Will this cause insurance rates to rise in the Dayton, area?
“Insurance companies can’t charge people in Ohio for losses they’ve incurred in North Carolina but they might be more reluctant to offer insurance because their cost structures have gone up and they might be more conservative which might affect our rates,” said Gorman.
If the hurricane has you considering flood coverage for your home find out more about the National Flood Insurance Program here.