Continued bad news for Southwest Florida homeowners after FEMA released its new flood insurance rates and they show a vast majority of people will pay more.

The new increases are a sticker shock for many who will see their policies increase by hundreds of dollars annually.

FEMA’s new Risk Rating 2.0 determines flood insurance premiums based on how close you live to water, which can be the gulf, canal, river or lake.

It also factors in how much rainfall you get and the cost of home construction.

Based on nearly 77% of people who live in the 33993 zip code of Cape Coral will see a $10 a month rate hike compared to almost 98% of people living in the 34116 of Naples, who will see an increase.

This data also shows nearly 15% of Cape Coral’s 33914 area code will see a $20 or more increase each month.

Milly Wait lives in that neighborhood and will pay hundreds more a year for flood insurance.

She said Hurricane Ian left her yard, mailbox and garage underwater. She described her property as an island from the flood waters Ian created.

“The whole area was white rapids,” Wait described.

She is unsurprised to hear her neighborhood’s flood insurance is going up more than $240 a year.

“It’s just unfortunate. You pay premiums every year and then when there is a disaster, you’re struggling to be made whole again. It’s difficult. It’s hard for people,” Wait said.

Nearly 18% of homeowners on Captiva will see rate hikes. At the same time, just under 10% are seeing rate hikes on Sanibel Island, nearly destroyed by Ian’s waters.

“It doesn’t mean Sanibel’s flood insurance rates are less expensive than Cape Coral’s. It just means that there is a lower percentage seeing an increase,” said Reid McDaniel of McDaniel Insurance Solutions.

Comparatively, a modest number of people living on the east coast of Florida are seeing increased insurance rates.

“On the east coast, the same latitude as us, we see 1 or 2 %. It is a little more favorable for the east coast and a little rougher for the west coast,” McDaniel noted.

However, some parts of Florida are seeing rate increases of more than 200%.

Dante Weston is an attorney and insurance expert and said the new data shows more than 80% of homeowners in Florida will see increased flood insurance premiums.

“Some people will see 2x and even 3x increases in their premiums that will take place over the next several years until they hit their peak,” Weston said.