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Some New York City residents may soon face sharp increases in their flood insurance premiums as a result of major changes occurring in the National Flood Insurance Program and the redrawing of flood maps that expanded the areas at risk, according to a new RAND Corporation study.

Property owners in areas now deemed at highest risk may face increases of $5,000 to $10,000 annually for their flood insurance, a change that could lower property values, create economic hardship for homeowners, and increase foreclosures and short sales, according to the study.

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