Archimedes principal requires that the volume of fresh water displaced by ice exactly equal the volume of the melted ice, so by that standard, you are correct. The ice resting on the earth's hard surface, even below sea level, distorts the earth's elastic shell, which floats on a sea of liquid rock (magma). As this ice moves into the sea, as ice or water, the land underneath will spring up, slightly and land else where will sink very slightly, the entire configuration seeking the lowest total potential energy.
Floating icepack near the shores forms a stopper which prevents the ice on the antartic continent and northern land masses from flowing into the oceans and buoys up the other continents.
That's how losing the antartic ice cap could "raise water levels".
That notwithstanding, globaling warming and ice shelf scares in the popular press are, IMHO, hogwash.
Of course they are scared. All the big liberal controlled cities (eg. Washington, NYC and Boston) would be among the first submerged. Hoo Yah!