To require a study of voluntary community-based flood insurance options and how such options could be incorporated into the national flood insurance program, and for other purposes.

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

Directs the Administrator of the Federal Emergency Management Agency (FEMA) to assess options, methods, and strategies for making voluntary community-based flood insurance policies available through the National Flood Insurance Program.

Requires the report on the study to specified congressional committees to make recommendations for a strategy to implement voluntary community-based flood insurance policies that would encourage communities to undertake flood mitigation activities, including construction, reconstruction, or improvement of levees, dams, or other flood control structures.

Directs the Comptroller General to review the Administrator's report and make comments or recommendations to such congressional committees.