There have been significant changes to the flood insurance program and insurance rates as a result of Congress' passage of 2 bills.
Homes built in flood zones (A, AE, V) before 1974 (ie pre-FIRM) are the ones that will be most impacted by increased flood insurance rates, especially if the home has never had an elevation certificate completed (which can be done by a survey company). These pre-FIRM properties will see the 20 - 25% per year increases in the insurance rates until they are paying the full 100% flood insurance premium without any subsidies from the government program.
Other homeowners in flood insurance zones that are not currently receiving subsidies will also see premiums go up on an average of 8% total. The revised flood insurance program will now require a reserve fund, so a reserve fund premium will be added on to each and every flood insurance policy.
For buyers, if the property is in any type of flood zone, ask if the owner has a flood elevation certificate, even if it is old. Elevation has a huge impact on rates charged.