Florida representatives are turning their attention to floodinsurance with a new bill and a proposition to extend a 2014law.

Rep. Patrick Murphy (D-Fla.) and Rep. Carlos Curbelo (R-Fla.)are calling for an extension of the Homeowner Flood InsuranceAffordability Act, signed by President Barack Obama on March 21,2014, which limited yearly flood insurance premium increases formost homeowners to no more than 18%. 

The law applied to owners of primary homes, second homes and rental properties, and averted sudden largehikes some homeowners faced under the Biggerts-Waters FloodInsurance Reform Act of 2012, designed to improve the finances ofthe National Flood Insurance Program, which has been in debt sinceHurricane Katrina, reports NOLA.com.

The proposition faces opposition from some lawmakers who believepeople who could afford second homes or vacation homes generallyhave sufficient income to pay actuarial rates for floodinsurance.

Additionally, Rep. Murphy teamed up with Rep. Dennis Ross(R-Fla.) to introduce bi-partisan legislation that would givestates the ability to regulate and license flood insurancepolicies, reports National Mortgage ProfessionalMagazine.

Called "TheFlood Insurance Market Parity and Modernization Act of 2015,"the law would help develop a robust private flood insurance marketthat will provide homeowners greater coverage options and pricing.The competition generated by allowing private insurers into theflood insurance market will ensure NFIP is held accountable for itspolicies and practices, says National MortgageProfessional.

"Today, Rep. Murphy and I introduced a bill in the U.S. House ofRepresentatives that would remove the excessive restrictions thatthe federal government places on private flood insurancecompanies," Rep. Ross told National MortgageProfessional. "This would allow states to be able tofully utilize their regulatory framework to license flood insurancepolicies."

"While I strongly support the NFIP, giving Floridians moreoptions with their plans makes the most sense," said Rep. Murphy."This bill would get the federal government out of the way ofletting Florida foster a competitive market to drive down costs forhomeowners."