Florida is approaching the height of hurricane season as the federal government faces a deadline to renew the National Flood Insurance Program.
Nationally, Florida ranked fourth in funds paid by the Federal Emergency Management Agency to rebuild flooded homes and businesses.
The flood insurance program is facing $24 billion of debt. Florida's two senators are pushing to extend the program for six months and cap premium increases at 10 percent. The current cap is 25 percent.
Other plans call for privatizing the nation's flood insurance plan.
The National Resources Defense Council proposed a plan for repeated flood victims to sign up for a buyout program prior to the next flood. If high waters damage insured property, FEMA would fund local governments to buy up the flood-prone area.
This comes as Fernandina Beach rolls out new flood maps for the community. Next week, the city will have new flood insurance rate maps which will affect businesses and homeowners.
"When we first bought our home, the insurance was approximately $300 -- something like that every year for flood insurance," said homeowner Bob Carpenter, who has never been flooded. "Then they zoned us into a higher flood zone and the premiums inched up to about $500, and now they are telling us effective this August, our next premium will drop.
These new maps were created by FEMA and will go into effect Wednesday. They are based on new technology being used to detect the probability of flooding. Some people are moving into a flood zone, others are moving out.
"We are never going to get away from flooding. Amelia Island is a barrier island, so even if you’re in an X zone, you’re in a flood zone," said Tony Perez Guerra, Fernandina Beach flood planning manager.
The current flood insurance program expires on Sept. 30. If lawmakers can’t reach an agreement, FEMA cannot write new flood insurance policies. That will be a huge problem for people trying to buy or sell waterfront property.