Recent changes to Flood Insurance Rate Maps (FIRMs), which the Federal Emergency Management Agency has been implementing on a rolling basis, have surprised and sometimes angered residents who suddenly discover they're living in a floodplain.

The FIRM revisions—which are the result of updates made to decades-old maps using the latest technology—often mean that homeowners are unexpectedly required to purchase flood insurance. That could the cost anywhere from $120 to $3,500 per year depending on the amount of insurance purchased and the home’s flood risk. Beginning in January 2011, though, residents that find themselves mapped into a Special Flood Hazard Area—an area with a one percent or greater annual risk of flood—can find temporary relief in the form of a Preferred Risk Policy.

Preferred Risk Policies will allow homes included in a map revision after October 1, 2008, to purchase insurance at a reduced price for up to two years. That will mean savings of more than $1,000 a year in some cases, according to a FEMA fact sheet. After the two-year period, property owners would begin paying standard rates, unless an extension is negotiated.

Homeowners who might qualify for the program will start being notified next month. More information for insurance agents and homeowners is available at FloodSmart.gov.