To amend the National Flood Insurance Act of 1968 to require the Administrator of the Federal Emergency Management Agency to consider reconstruction and improvement of flood protection systems when establishing flood insurance rates.

Amends the National Flood Insurance Act of 1968 to: (1) make communities that reconstruct and improve flood protection systems (in addition to constructing them) eligible for premium flood insurance rates under such Act; and (2) allow entities that own, operate, maintain, or repair flood protection systems (instead of a federal agency) to determine whether a flood protection system is restorable.