Manuel Sanchez takes in the view of his flooded home and property on September 14, 2013 in La Salle, Colorado. Photographer: Marc Piscotty/Getty Images

businessweek.com- by James Rowley - March 4, 2014

The U.S. House passed legislation trimming premiums for government-sponsored flood insurance

The measure would limit premium increases to 18 percent per policy or 15 percent of an average of premiums in a particular flood zone.

The House bill, H.R. 3370, must be reconciled with legislation passed by the Democratic-controlled Senate that House Republican leaders said would roll back too many of the 2012 law’s changes. The Senate bill is S. 1926.

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Flooding in Red Hook, Brooklyn after Sandy (Flickr/gunnicool)

The agency ignored state and city officials' appeals to update the maps with better data until it was too late.

wnyc.org - December 6, 2013
by Al Shaw : ProPublica / Theodoric Meyer : ProPublica / Christie Thompson : ProPublica

When Patrice and Philip Morgan bought a house near the ocean in Brooklyn, they were not particularly worried about the threat of flooding.

Federal maps showed their home was outside the area at a high risk of flood damage. . .

. . . But the maps drawn up by the Federal Emergency Management Agency were wrong. And government officials knew it.

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The new map could put twice as many homes in the flood zone and raise premiums for many homeowners.

propublica.org - by Al Shaw - June 12, 2013

. . . while Sandy’s water has long receded and the bulldozers have left, a residual effect for homeowners along the city’s coastline still lurks quietly beneath the surface. It comes in the form of a July 2012 law called the Biggert-Waters Act, which will end subsidized rates for property owners who are remapped into more severe flood zones, increasing their flood insurance premiums 20 percent a year until they reach market rates, and will apply those higher rates for newly purchased property.

The potential increases, which proponents say are necessary to sustain the National Flood Insurance Program, are not widely understood by residents, and may be catching them unprepared.

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Biggert-Waters Act - Flood Insurance Reform Act of 2012