Special Report: Oceans of Trouble

Billions of tax dollars are being spent on rebuilding and protecting expensive waterfront homes around the country that have been severely and repeatedly damaged by floodwaters.

Many of those homes are owned by people who can afford to pay for the repairs on their own. 

That's the finding of an investigation that's prompting calls by some experts for the federal government to figure out ways to deal with this costly problem.

Adam Bartelmay has more details in this Special Report.

Three years ago, Congress took a stab at fixing this problem.  It significantly hiked flood insurance premiums to reduce dependence on tax dollars, but softened the blow when homeowners complained.  The end result of that political battle: taxpayers will continue bearing a sizable portion of the cost of rebuilding expensive waterfront homes owned, in many cases, by the wealthiest among us.