Based on articles by Bill Dedmon of NBC news, FEMA has, for several years, been granting applications from wealthy waterfront property owners to remap their properties out of the flood zone. This way they purchase flood insurance for a pittance of what they once did. Some comparisons of before the rezoning applications were granted and after show large condominiums and $million+ homes saving up to 97% on their premiums. The shift of the burden has been made to homes near the coast but in lower risk areas. For example, a large condo right on the beach will pay $4,000/yr and a single dwelling modest home farther inland has seen their federal flood insurance rise to nearly $12,000/yr. What is going on here?
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