MILFORD - Residents in Milford say the new law that limits increases in flood insurance premiums only goes so far to help homeowners.

The law was passed by Congress last week and signed by President Barack Obama on Friday. The law says premiums for flood insurance can't increase by more than 18 percent annually.

In Milford, where a third of the homes are located in a flood zone, many homeowners say the new law won't do much to help them. Homeowner Tom Cianciolo says some people are paying more than $3,000 for flood insurance and limiting an increase still means they'll be paying thousands.

Milford Mayor Ben Blake says the law is better than what they had before.