WHEELING, W.Va. (WTRF) — Would you want to pay for it when billionaires’ mansions on the coast get flooded?

Of course not—and that’s why the Federal Emergency Management Agency is changing its rates.

The agency runs its own flood insurance program to cover places private insurers won’t go—and their premiums are about to shoot upward.

They say their new assessments will better reflect the danger of building in areas in danger of flooding.

But that also means less people will be covered, and by FEMA’s estimates one million less people will take out their policy by 2030.

That’s a million more people in danger of paying out-of-pocket for major home repairs.

Even here in Wheeling, you might need that higher-premium insurance when dealing with a mortgage lender.

Anywhere near either the Island, Ohio River, or by any creek…whether it’s the actual piece of land where they’re sitting or just the structure of the home, the year the home was built, so all that is taken into consideration when it comes to assessing the risk and also the premiums for the flood.

Anthony Ruiz, Principal and Agency Owner, Ruiz Insurance

FEMA’s plans have also caught the attention of Congress, with senators from both parties saying the new pricing policy has them worried.

FEMA has responded by saying they actually believe the update will lead more people to sign up with them.

But keep an eye on those rates and your sump pump as the summer rain continues.