Flood insurance premiums are going to start going up for second homes, and for properties that have had significant flood damage before.

Starting January 1 of this year, flood insurance premiums on second homes (including vacation homes) went up 25 percent. And in June, properties that have seen “severe repetitive loss” from floods will also see insurance rates increase.

That’s because federal subsidies for flood insurance are being reduced for those kinds of properties — part of the National Flood Insurance Program’s reauthorization last year.

Because private insurers rarely if ever offer flood coverage — and because climate change will mean more and more severe weather every year — the federal government is pretty much the only place property owners can go for flood insurance.

Until Hurricane Katrina, the NFIP actually turned a profit, but since then it’s been in the red. Hence, it can no longer offer such inexpensive coverage for those second homes and for properties that keep getting damaged year after year.

Click here for more information from NAR about flood insurance (PDF).