In more than 500 instances, from the Gulf of Alaska to Bar Harbor, Maine, FEMA has remapped waterfront properties from the highest-risk flood zone, saving the owners as much as 97 percent on the premiums they pay into the financially strained National Flood Insurance Program.

In New York, FEMA granted the Mamaroneck Beach & Yacht Club's request to be remapped from the high-risk flood zone in August 2012 - just two months before the club was damaged and its outbuildings destroyed by Hurricane Sandy, which stacked up yachts at its docks like pick-up sticks.

FEMA says that it does not factor in previous losses into its decisions on applications to redraw the flood zones.

Bill Dedman Quotes