Insurance companies are preparing for a surge in home and content claims.
Flooding in Edgecumbe from ex-Cyclone Debbie has today been classified as a medium-scale adverse event by Government.
There are fears that up to one third of homeowners in Edgecumbe are uninsured and could be left badly out of pocket.
IAG head of corporate affairs Craig Dowling said it is hard to determine the total cost of damage caused by the flooding.
"The best estimates, if you look at what happened with the Whanganui floods back in 2015, there were certainly tens of millions of dollars at stake. At the moment in Edgecumbe we know that's where the most damage is currently playing out - we're not even going to be able to get in there until another two or three days," he said.