AbstractIn March 2014, Congress passed legislation delaying the phasing-in of premium increases on discounted flood insurance policies that had been authorized in July 2012 by the Biggert-Waters Flood Insurance Reform Act. This reversal highlights the tension between the realization of risk-based premiums and affordability of flood insurance for homeowners in flood-prone areas. This study on Charleston County, South Carolina, seeks to understand how the tension can be resolved using a voucher program coupled with required mitigation. It specifically focuses on home elevation as the mitigation method. This paper demonstrates a potential average increase of 108 to 159% for high-risk single-family properties in Special Flood Hazard Areas in Charleston moving from a current discounted premium to a full risk-based premium as proposed by the 2012 legislation. Implementation of the proposed voucher program coupled with required mitigation can reduce government expenditures by more than half over a program that d...