Flood Insurance Reform and Modernization Act of 2007

[AI summary unavailable — showing source text] Flood Insurance Reform and Modernization Act of 2007 - 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 (containing a structure neither constructed nor substantially improved after the later of December 31, 1974, or the effective date of the initial rate map published by the Director of the Federal Emergency Management Agency (FEMA) under the National Flood Insurance Act of 1968 (NFIA) for the pertinent area); (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 NFIA to include nonresidential properties and nonprimary residences within the guidelines for actuarial rate properties. Amends the Flood Disaster Protection Act of 1973 to increase civil monetary penalties. Amends the NFIA to: (1) increase flood insurance coverage for residential property; (2) provide coverage for necessary increases in li…