One property in Mississippi, valued at $183,000, was flooded 15 times over a 10 year period and cost the National Flood Insurance Program $1.47 million. Another property in Texas, valued at $116,000, has amassed $2 million in claims, and counting.

These and other examples are why the National Flood Insurance Program is on the verge of insolvency, and why Congress authorized the program to increase premiums by as much at 25 percent a year over the next five years for second homes and homes in flood-prone areas. The objective is to increase premiums so that they reflect actual risk and perhaps discourage building in hazardous areas.

Click here to read about the premium changes in the New York Times.