Most damage from Superstorm Sandy came from water, as homes, businesses and streets were flooded in its wake. Now the resulting changes to flood regions and insurance could significantly affect property owners, as NPR reported recently.

Scientists say coastal flooding will only get worse as sea level continues to rise. Over the past 100 years, sea level in the Mid-Atlantic region has risen about a foot. It’s expected to rise two additional feet by 2050, according to the National Oceanic and Atmospheric Administration. That means more storms like Sandy, which was a relatively weak hurricane, could bring the sea into towns and communities on the coast.

Remapping Flood Zones

In the wake of the storm and in anticipation of more of the same, the Federal Emergency Management Agency is changing how it draws flood zone maps. These maps determine who has to purchase high-risk flood insurance, which would cover the damage when storms like Sandy come through. An estimated 35,000 buildings in New York City alone were in the old flood zones. Now that the maps are being redrawn, the number has doubled.

Thousands more people in New Jersey and New York will be required to have high risk flood insurance on their homes and businesses, and many aren’t ready for the costs of such policies. Insurance premiums are expected to climb significantly with the implementation of a new law.

Biggert-Waters Flood Insurance Reform Act

Insurance premiums in flood zones are expensive. The insurance makes living in some high-risk areas extremely costly, so the federal government has been subsidizing these costs for decades. A law passed before Sandy seeks to get the government out of the costly subsidies, and it couldn’t have come at a worse time.

The Biggert-Waters Flood Insurance Reform Act will phase out government-subsidized flood insurance policies. It has already started, with home and business owners beginning to receive higher bills. For many, it’s happening too quickly.

U.S. Rep. Maxine Waters, a Democrat from California, co-sponsored the bill and is now hoping to slow down the new law’s momentum. People are being hit with premiums several times more than they were paying before, all while still cleaning up after Sandy.

“We did have unintended consequences. Some of the premiums that are being talked about we think are outrageous, and we’re going to go through this program and go through it piece by piece and fix it,” Waters told CBS News.

Lawmakers are looking at other options, including a four-year delay in implementation so FEMA can do a study and provide a plan to make the transition easier on homeowners.

An estimated 40,000 homeowners in New Jersey alone had government-subsidized flood insurance, according to the Star-Ledger. The new law would pull the rug out from under them with little warning and major costs. Some property owners are considering going without insurance altogether. In addition, the increase in premiums decreases a home’s market value, further harming owners.

We should know in coming months what solution lawmakers are able to come up with to help cushion the blow on the people of New York and New Jersey.

Sandy was disastrous, with many people still fighting insurance companies for compensation. If more storms like that one are coming, we all need to be prepared.

If you have concerns about a flood insurance policy on your property, seek advice from an experienced New York and New Jersey attorney.