A bipartisan effort is underway in Washington to delay - by 4 years - changes to the national flood insurance program because those changes could push premiums dramatically higher for those living down the Jersey Shore, and near bays and waterways in the coming months.

A swan swims near the flooded home in Barnegat Bay (Mario Tama/Getty Images)

"Such a delay would give us time to adjust to the rates and would give people time to elevate their homes, which could and would lead to some fairly dramatic reductions in the rates they would have to pay," says New Jersey Assemblyman Declan O'Scanlon.

While he supports the proposal, O'Scanlon points out that we have to realize that eventually we're going to have to face increased flood insurance rates.

"The system right now is not self-sustaining," O'Scanlon explained.

He stresses we want to do everything we can to ameliorate any cost increases.

"It doesn't help anybody to have a system where we're charging artificially low rates and the system falls apart a few years down the road."

O'Scanlon adds, "the plan is a good one, I endorse it and it ought to help us deal with these changes in the best, most efficient and inexpensive way possible."