Flood Loss Mitigation Act of 2001

Flood Loss Mitigation Act of 2001 - Amends the National Flood Insurance Act of 1968 to authorize the Director of the Federal Emergency Management Agency to: (1) carry out mitigation activities that reduce flood damages to qualified repetitive loss structures; and (2) purchase such structures, but only for public or open space use that is consistent with sound land management and use policies.

Requires the Director to determine for each fiscal year the portion of amounts in the National Flood Insurance Fund attributable to savings from such activities and purchases, which shall be available for such activities and purchases in that fiscal year. Allows the Director, after determining that 75 percent of such existing qualified repetitive loss structures have been provided mitigation that sufficiently reduces the risk of losses from flooding or have been purchased, to use up to 75 percent of the amount reserved for such activities and purchases for the costs of mapping activities.

Allows the Director, in cases of such structures whose owners refused purchase or mitigation offers: (1) to deny the provision of new flood insurance coverage and to cancel existing coverage; or (2) to increase the chargeable risk premium rate for new coverage to an amount that is not more than the applicable estimated risk premium rate. Allows the Director to deny or cancel existing coverage for properties for which fraudulent claims have been made. Permits appeals by owners aggrieved by any such determinations.