Two Floods and You Are Out of the Taxpayers' Pocket Act of 2001

Two Floods and You Are Out of the Taxpayers' Pocket Act of 2001 - 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 have been made (repetitive claim properties). Authorizes the Director to waive mitigation assistance limits when the State or community has repetitive claim 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 claim properties.

Extends through FY 2005 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 claim 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 Insurance Reform Act of 1994 to prohibit Federal disaster relief assistance from being used for repair, replacement, or restoration of any property in the area for which: (1) repetitive claim payments have been made; and (2) Federal mitigation assistance has been offered to, but refused by, the property owner.

Authorizes the Director to provide for funding for mitigation actions that reduce flood damages to repetitive claim properties, under certain conditions. Provides funding for such assistance from the National Flood Insurance Fund.