The new map could put twice as many homes in the flood zone and raise premiums for many homeowners.

propublica.org - by Al Shaw - June 12, 2013

. . . while Sandy’s water has long receded and the bulldozers have left, a residual effect for homeowners along the city’s coastline still lurks quietly beneath the surface. It comes in the form of a July 2012 law called the Biggert-Waters Act, which will end subsidized rates for property owners who are remapped into more severe flood zones, increasing their flood insurance premiums 20 percent a year until they reach market rates, and will apply those higher rates for newly purchased property.

The potential increases, which proponents say are necessary to sustain the National Flood Insurance Program, are not widely understood by residents, and may be catching them unprepared.

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Biggert-Waters Act - Flood Insurance Reform Act of 2012

A man walks through flooded streets in Hoboken, New Jersey, after Superstorm Sandy | Emile Wamsteker/Bloomberg via Getty Images

As subsidized rates of federal flood insurance rise, property owners along the coasts get angry. But we need insurance that reflects the risks of a changing planet

time.com - by Bryan Walsh - October 1, 2013

Thousands of homeowners in flood-prone parts of the country are going to be in for a rude awakening.  On Oct. 1, new changes to the National Flood Insurance Program (NFIP), which offers government-subsidized policies for households and businesses threatened by floods, mean that businesses in flood zones and homes that have been severely or repeatedly flooded will start going up 25% a year until rates reach levels that would reflect the actual risk from flooding. (Higher rates for second or vacation homes went into effect at the start of 2013.) That means that property owners in flood-prone areas who might have once been paying around $500 a year—rates that were well below what the market would charge, given the threat from flooding—will go up by thousands of dollars over the next decade.