When Colin and Joyce Elston bought their Florida dream home in May, they were confident they could afford the three-bedroom, two-bathroom ranch with a pool and a backyard overlooking the Intracoastal Waterway.

Now they're not sure.

Under a new law, the flood insurance premium for their house on Treasure Island is slated to increase from less than $1,500 a year to more than $12,000.

Congress passed the Biggert-Waters Flood Insurance Reform Act last year to keep the National Flood Insurance Program solvent after an onslaught of claims from Hurricane Katrina in 2005. Essentially, what the law does is remove federal subsidies from properties in flood zones.

The rate hikes take effect Oct. 1.

A Florida lawmaker says he will push Congress to delay the hikes for at least a year.