Selectmen voted Tuesday to sign a letter petitioning congress to reconsider the Biggert-Waters Flood Insurance Reform Act which would have some homeowners in Wareham and other waterfront communities facing annual flood insurance costs climbing to $20,000 per year — or perhaps more.

The Biggert-Waters Flood Insurance Reform Act was passed in an effort to reduce the financial burden of the federal flood insurance program that is funded by taxpayers.

The Federal Emergency Management Agency estimates that homeowners will only see premiums higher than $20,000 "in rare cases," but local insurance agents say if the program is not revised, homeowners in the South Coast area will likely see premiums in excess of $20,000.

Due to it being such a risky bet, the federal government is the only avenue through which flood insurance may be purchased. A number of major storms over the past decade have resulted in insurance claims that could not be covered by premiums.

The reform states that flood insurance will no longer be subsidized by tax dollars for homes that pre-date the flood insurance program, and homes that met flood-zone requirements when they were built, but have since been placed in a higher risk flood zone, will no longer be “grandfathered” in to previous insurance rates.

This means that property owners will now be paying for insurance based on the actual risk posed to their home.

For owners of secondary homes that pre-date the program, annual flood insurance rates will increase by 25% until rates reach what FEMA deems is necessary for the property's risk of flooding.

When their flood insurance plans expire, homeowners will be required to get an elevation certificate from a surveyor, which, in essence, ensures the building is properly elevated.

Homeowners will have to foot the bill for the elevation certificate, which can cost $700 to $1,000, and bring it to an insurance company to receive a new rate.

The board has previously written to Rep. Bill Keating to express its concern with the legislation, and this letter will address congress as a whole.