21st Century Flood Reform Act

21st Century Flood Reform Act This bill amends the National Flood Insurance Act of 1968 to change annual limits on premium increases for insurance obtained through the National Flood Insurance Program (NFIP). The Federal Emergency Management Agency (FEMA) must provide financial assistance, through state programs, for low income families to purchase NFIP insurance. FEMA must allow a Write Your Own company to sell private flood insurance. (A Write Your Own company writes and services federal standard flood insurance policies in its own name.) FEMA must provide: (1) an annual explanation of premiums; (2) historical flood data to property owners upon request; and (3) data related to NFIP risks and premiums, including community-level data, through a publicly available data system. FEMA must commission an annual independent actuarial review of the financial status of NFIP. The Government Accountability Office must report on: (1) the feasibility of reducing flood insurance premiums and eliminating the need for flood insurance coverage by authorizing flood damage savings accounts, and (2) flood insurance requirements for mortgages. FEMA denials of requests for updated flood maps may be appealed. The bill revises the NFIP community rating program to require FEMA to provide premium credits in communities that protect natural and beneficial floodplain functions. This bill revises NFIP coverage for: (1) properties that have incurred multiple flood losses, (2) properties that have exceeded specified levels of claim payments, and (3) certain high-risk properties. This bill amends the Flood Disaster Protection Act of 1973 to increase penalties for violations of the flood insurance requirement for mortgages.