Flood Insurance Reform Act of 2003

[AI summary unavailable — showing source text] Two Floods and You Are Out of the Taxpayers' Pocket Act of 2003 - Amends the National Flood Insurance Act of 1968 to require the Director of the Federal Emergency Management Agency, in awarding grants for mitigation activities, to give priority to properties for which repetitive flood insurance claim payments (as specified by this Act) have been made. Authorizes the Director to waive mitigation assistance limits when the State or community has repetitive insurance claims properties and such waiver is cost-effective and in the best interests of the National Flood Insurance Fund. Increases amounts credited to the National Flood Mitigation Fund from the National Flood Insurance Fund, such amounts to be used only for repetitive insurance claims properties. Extends through FY 2007 the authority to enter into flood insurance contracts and the authorization of appropriations for the national flood insurance program. Provides chargeable national flood insurance premium rates for: (1) repetitive insurance claims properties; and (2) certain coastal and river properties leased from the Government. Authorizes annual premium increases with respect to such properties. Amends the National Flood I…