Flood Insurance Reform and Modernization Act of 2006

[AI summary unavailable — showing source text] Flood Insurance Reform and Modernization Act of 2006 - Instructs the Comptroller General to study and report to Congress on: (1) the status of the national flood insurance program for specified pre-FIRM properties; (2) the extension of mandatory flood insurance coverage purchase requirements to properties located in any area that would be designated as having special flood hazards but for the existence of a structural flood protection system; and (3) the mandatory purchase requirement in connection with non-federally related loans. Amends the National Flood Insurance Act of 1968 to include nonresidential properties and non-primary residences within the guidelines for actuarial rate properties. Amends the Flood Disaster Protection Act of 1973 to increase civil monetary penalties. Amends the National Flood Insurance Act of 1968 to: (1) increase flood insurance coverage for residential property; (2) provide coverage for necessary increases in living expenses, basement improvements, business interruption, and replacement cost of contents; and (3) increase borrowing authority for the flood insurance program. Requires the Federal Emergency Management Agency (FEMA), upon request, to parti…