10. The old flood insurance program with subsidized coverage doesn't work anymore because 100-year storms happen more than once a century.

The National Flood Insurance Program was revised a few months before Sandy, to phase out or end subsidies for more than a million homeowners -- reflecting the real risk of flood damage, especially for second homes. Sandy, because it struck some wealthy shoreline areas in and around New York, drove home a point reflected in the new rules -- ironically co-named for a lawmaker named Waters.<br><br>For decades, taxpayers had been subsidizing increasingly wealthy homeowners and encouraging dangerous reconstruction. Now we're seeing more rational rates kick in, which in some cases are several times higher than the old rates -- and we¿re seeing thousands of homeowners forced to make serious investments such as raising their houses higher off the ground, with new foundations.
<br><br>
CAPTION: An example of a FEMA flood map, this one of Bridgeport from August 2008. FEMA has been redrawing flood zone maps and requiring that the new maps be incorporated into zoning laws. Many property owners will pay higher flood insurance due to the new maps. To see the full map, <a href="http://www.courant.com/business/hc-fema-bridgeport-flood-zone-map-htmlstory,0,3287731.htmlpage"><b>click here</b></a>.

( Federal Emergency Management Agency / October 26, 2013 )

The National Flood Insurance Program was revised a few months before Sandy, to phase out or end subsidies for more than a million homeowners -- reflecting the real risk of flood damage, especially for second homes. Sandy, because it struck some wealthy shoreline areas in and around New York, drove home a point reflected in the new rules -- ironically co-named for a lawmaker named Waters.

For decades, taxpayers had been subsidizing increasingly wealthy homeowners and encouraging dangerous reconstruction. Now we're seeing more rational rates kick in, which in some cases are several times higher than the old rates -- and we┬┐re seeing thousands of homeowners forced to make serious investments such as raising their houses higher off the ground, with new foundations.

CAPTION: An example of a FEMA flood map, this one of Bridgeport from August 2008. FEMA has been redrawing flood zone maps and requiring that the new maps be incorporated into zoning laws. Many property owners will pay higher flood insurance due to the new maps. To see the full map, click here.

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