New data about the growing risks of climate change to residential real estate suggests that the National Flood Insurance Program may have to raise its rates. 

As first reported by the New York Times, hundreds of thousands of homeowners could see their flood insurance rates jump as early as this fall, according to new research from First Street Foundation. In the most flood-prone areas of the US, those rates should more than quadruple. Premium increases of more than $10,000 are necessary for the insurance on approximately 265,000 homes to match their corresponding level of risk.

Around 5.7 million properties currently have some level of flood risk, and the capped average annual loss is $3,343 (with an average NFIP premium of $902). That accounts for a difference of $2,441 per property, and suggests, according to First Street, that the current economic risk is 3.7 times higher than the level at which NFIP is now pricing insurance.