News from Meet the Flood Insurance ‘Robin Hood’ Who Saves Condo Owners Millions – NBCNews.com:

Editor’s Note: This is part two of a series. See part one: Why Taxpayers Will Bail Out the Rich When the Next Storm Hits

ORANGE BEACH, Ala. — The builder of the most luxurious condominiums on this sugar-white sand beach had a problem. One of the twin towers of Turquoise Place was just inside a line on a federal flood map, a small difference that could cost the condo owners more than half a million dollars a year for flood insurance.

Three engineers told owner Larry Wireman there was no way the flood map qualified for a change, not on this stretch of the Gulf of Mexico, not in a hurricane-prone community where dozens of buildings were destroyed by the most recent of many storms to blow through the area. “There’s no way in hell that’s going to happen,” one of those engineers, Vince Lucido……….. continues on Meet the Flood Insurance ‘Robin Hood’ Who Saves Condo Owners Millions – NBCNews.com.

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