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The law, passed in 2012, was meant to shift the financial risk of insuring flood-zone properties to homeowners. But some residents' premiums have skyrocketed.
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Congress has tried to boost premiums on the cheap, subsidized insurance FEMA offers. But property owners in flood zones protested the rate hikes, and legislators backed off in 2013, calling for "further study." Meanwhile, a string of bad storms has left the program $24 billion in debt — so far.