THREE FORKS, Mont. (AP) — More than 1,800 Montana residents and businesses now receiving discounted flood insurance will start to see their premiums rise as Congress looks to get the federal program out of a $24 billion hole.

Legislation signed by President Barack Obama on Friday means those homeowners won’t see premiums jump all at once as scheduled under a 2012 overhaul. The new law increases rates for owner-occupied homes by up to 18 percent annually, while businesses and second homes will see hikes of 25 percent a year.