With losses reaching up to $180 billion from Hurricane Harvey and billions more in losses anticipated from Hurricane Irma, experts say property and flood insurance rates may be on the rise, per The Real Deal.

Depending on the final tally of the impact from both mega storms, property owners could see increases in property insurance rates and will most likely see a rise in rates for federally backed flood insurance.

“This could end up being a one-two punch to the industry,” Kevin Madden, director of the New York City real estate practice for the insurance broker Aon, told The Real Deal.

The final bill has yet to come in for both Harvey and Irma, but Texas Gov. Greg Abbott estimated that is could reach up to $180 billion. Early estimates of Irma’s impact put the loss figure at up to $250 billion.

In the South Florida counties of Collier, Broward, Monroe, and Miami-Dade, an estimated 1.3 million homes are located in flood hazard zones. However, only about 34 percent have flood insurance, according to a recent Associated Press analysis.

Insurance companies keep reserves to pay out claims and, when reserves are high, rates are low. When catastrophic events hit, companies must pay out a high number of claims and reserves decrease, so they have to raise rates to make up the difference.

While there is some debate about the storm’s impact on property insurance, there seems to be a consensus that flood insurance rates will likely rise. The National Flood Insurance Program was already $24 billion in debt before Harvey and Irma, and the program must be reauthorized in September. Although there have been talks about privatizing the program, it seems likely that rates will rise to cover losses.