Before going home for Memorial Day, Louisiana House membersThursday introduced legislation aimed at forestalling majorincreases in flood program rates starting next year.

The bill is part of an ongoing effort to delay the rate increases mandated through the Biggert-WatersAct, a title added to transportation legislation enacted byCongress last July.

And Sen. Robert Menendez, D-N.J., didn't leave town today beforegetting into the act by introducing legislation in the Senate thatwould also delay the increases. And he picked up fellow New Jerseysenator Robert Lautenberg, D, as a co-sponsor as well.

He introduced the "Saving Homeowners from Onerous RateEscalation," or SHORE Act. The legislation would help homeownersavoid steep increases in premiums by slowing down the reduction ofthe federal subsidy.

Louisiana's House delegation is expected to hear during the10-day Memorial Day recess comments similar to those voiced in atelevision interview last week by Jefferson Parish President JohnYoung.

Young told Louisiana residents that the proposed rate hikes"could be more devastating to the state than the Katrinastorms."

Young said that the rate hikes "could cause a real estatedepression" in the state and affect banks and real estate agents aswell as the general population.

Young added that the legislation "will affect 80 percent of theU.S. population will be impacted by the rate hikes.

That is somewhat inconsistent with a poll released in late Aprilby Bankrate.com. The poll indicated that only 51 percent ofAmericans know theirhome's correct FEMA flooddesignation.

The research also cites an Insurance Information Instituteanalysis noting that while 81 percent of Americans know that astandard homeowners insurance policy doesn't cover flood damage,only 13 percent of American homeowners have flood insurance, citingan Insurance Information Institute analysis. This is a classic 'doas I say, not as I do' situation," according toBankrate.com insurance analyst Doug Whiteman.

The House legislation, "The Flood Insurance ImplementationReform Act of 2013" would in some cases delay for three to fiveyears major components of the National Flood Insurance Programreauthorization law enacted in 2012.

And it would set up hurdles for undermanned Federal EmergencyManagement Agency to impose other changes being phased in startingin 2014.

The primary sponsors are Cedric Richmond, D-La., and Rep. MaxineWaters, D-Calif.

"A consistent, affordable flood insurance program is critical tothe U.S. economy, especially for areas recovering from recentflooding," Richmond said as he announced he had introduced the newlegislation.

"The Flood Insurance Implementation Reform Act delays certainprovisions of the Biggert-Waters Flood Insurance Reform Act of 2012to make sure flood insurance rates don't burden homeowners and homesales can move forward."

He said the bill also makes sure FEMA is working with localcommunities to draft the most accurate flood mapspossible.  

The legislation is similar to a bill introduced Tuesday by Sen. Mary Landrieu, D-La.

At the same time, industry lobbyist who has talked to members ofboth the House and Senate financial services committees said thereis "less than a zero appetite" for reopening the bill fordebate.

The rate hikes in the Biggert-Waters Act were the priceextracted by conservative members of Congress, for example Sen. TomCoburn, R-Okla., for reauthorizing the NFIP for five years. Theydemanded that steps be taken to make the programself-sufficient.

In comments earlier in the week about the Landrieu bill, anindustry official cautioned that "any effort to delay the reformsenacted last year could ultimately weaken the NFIP."

Jimi Grande, senior vice president of federal and politicalaffairs for the National Association of Mutual Insurance Companiessaid the reforms were designed to move the NFIP towards fiscalstability and at the same time to show policyholders the true riskthey face from flooding.