(NORTH CAROLINA NEWS NETWORK) — The flooding in eastern North Carolina may be receding, but flood insurance rates could spike for many homeowners, according to a new study released by nonprofit organization First Street Foundation.

Mike Causey, Insurance Commissioner for North Carolina, tells WCTI he imagines FEMA will be looking at the losses that have been paid out in affected counties.

He also notes North Carolinians have been devastated by three back-to-back hurricanes.

Causey recommends homeowners look at all of their options before opting for a flood insurance plan while stressing the importance of having flood insurance.