Another, softer amendment that would clarify what FEMA would have to consider in its affordability of flood insurance, but not impact the onset of rate hikes in 2014.

Its sponsors are Sen. Tim Johnson, D-S.D., and Sen. Mike Crapo, R-Idaho, the chairman and ranking minority member of the Senate Banking Committee.

The efforts are generating deep concern within some elements of the insurance industry.

Jimi Grande, senior vice president of federal and political affairs for the National Association of Mutual Insurance Companies, says reforms enacted under Biggert-Waters were designed to provide the NFIP with a path to financial stability and educate property owners of the true risk they face from flooding.

He says any attempt to delay or undermine those reforms "would mean a return to the days when a fiscally irresponsible program provided a false sense of security to homeowners at the expense of the taxpayers."

Grande says NAMIC understands risk-based pricing will mean an increase in premiums for some homeowners, and the associoation believes the Johnson/Crapo amendment "would address the question of affordability while allowing the NFIP to continue making progress toward fiscal stability."

It is unclear whether either of the amendments will be cleared for floor debate, but Landrieu is working intensely to get her amendment cleared for floor action. The issue is sensitive because getting a strong farm bill supported by farm states is seen by Democrats as a key to retaining control of the Senate in next year's elections.

Provisions of Biggerts-Waters directs FEMA to increase rates over a five year period on any community that receives revised or new flood maps. It was also impact grandfathered properties.

Landrieu says rapid price increases could make flood insurance unaffordable for our working and middle-class families.

"If they allow their coverage to lapse and they are part of future disasters, all their repairs will now be paid for by the taxpayer out of federal disaster money instead of from an insurance policy," Landrieu says.

As to the feasibility study issue, Landrieu says the rate hikes should be delayed for three ears to give time for the study to be completed and then reviewed by Congress. 

"We must make the flood insurance program resilient and actuarially sound without endangering the financial future of our constituents," Landrieu adds.

She added that to help expedite the affordability study and move us to a permanent solution on rate increases, the amendment gives FEMA authority to use funds beyond the NFIP to fund its completion and makes a technical change to allow it to be completed quickly.