Louisiana's House delegation is expected to hear during the 10-day Memorial Day recess comments similar to those voiced in a television interview last week by Jefferson Parish President John Young.

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

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

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

That is somewhat inconsistent with a poll released in late April by Bankrate.com. The poll indicated that only 51 percent of Americans know their home's correct FEMA flood designation.

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

The House legislation, "The Flood Insurance Implementation Reform Act of 2013" would in some cases delay for three to five years major components of the National Flood Insurance Program reauthorization law enacted in 2012.

And it would set up hurdles for undermanned Federal Emergency Management Agency to impose other changes being phased in starting in 2014.

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

"A consistent, affordable flood insurance program is critical to the U.S. economy, especially for areas recovering from recent flooding," Richmond said as he announced he had introduced the new legislation.

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

He said the bill also makes sure FEMA is working with local communities to draft the most accurate flood maps possible.  

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 of both the House and Senate financial services committees said there is "less than a zero appetite" for reopening the bill for debate.

The rate hikes in the Biggert-Waters Act were the price extracted by conservative members of Congress, for example Sen. Tom Coburn, R-Okla., for reauthorizing the NFIP for five years. They demanded that steps be taken to make the program self-sufficient.

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

Jimi Grande, senior vice president of federal and political affairs for the National Association of Mutual Insurance Companies said the reforms were designed to move the NFIP towards fiscal stability and at the same time to show policyholders the true risk they face from flooding.