A change to the National Flood Insurance Program will impact policy holders throughout the Valley.

Policy holders that are part of the National Flood Insurance Program will be seeing changes to their annual rate due to a change in the way the program will access your risk. The new methodology will consider the cost to rebuild and other flood variables to determine what it calls a property's true flood risk.

“They are finally getting to a point where they are going to have to start charging premium’s based on what they should have been charging this entire time,” said Derek Benevides, owner of TWFG Benavides Insurance.

Benavides says around 80 percent of policies will be seeing a change.

If you are in an area that floods, you will most likely be seeing an increase of more than $100 annually, although by statute, most increase will be capped at 18 percent.

Some policyholders will actually experience a decrease under the new methodology, according to FEMA’s website.

“This biggest issue is that we don’t know as agents, or as the public, we don’t know where that increase will stop,” Benevides said.

The new program went into effect on Oct. 1, so any new policy will be written under the new pricing and all remaining policies renewing on or after April 1 will be subject to the new methodology, as well.

If you'd like more information on the changes, click here.