To require the use of replacement cost value in determining the premium rates for flood insurance coverage under the National Flood Insurance Act, and for other purposes.

This bill directs the Federal Emergency Management Agency (FEMA) to incorporate the replacement cost value of a structure insured under the National Flood Insurance Program of 1968 in its consideration of chargeable premium rates. FEMA must conduct a study regarding risk rating redesign utilizing replacement cost and report the findings to Congress.