Amends the Flood Disaster Protection Act of 1973 (FDPA) to direct each federal agency lender, in connection with mortgage loans, to accept private flood insurance as satisfaction of the federal flood insurance coverage requirement if such insurance meets specified requirements.

Directs the Administrator of the Federal Emergency Management Agency (FEMA) and the Comptroller General each to study methods for privatizing the Program.

Authorizes the Administrator to implement private risk-management initiatives under the Program to determine the capacity of private insurers, reinsurers, and financial markets to assist communities, on a voluntary basis only, in managing the full range of financial risks associated with flooding.

Directs the Administrator to assess the capacity of the private reinsurance, capital, and financial markets by seeking proposals to assume a portion of the Program's insurance risk.

Authorizes the Administrator to secure reinsurance coverage of coverage provided by the Program from private market insurance, reinsurance, and capital market sources in an amount sufficient to maintain the ability of the Program to pay claims and to minimize the likelihood that the Program will utilize certain statutory borrowing authority.

Directs the Administrator to assess the claims-paying ability of the Program, including its utilization of private sector reinsurance and reinsurance equivalents, with and without reliance on certain statutory borrowing authority.

Directs the Administrator and the Comptroller each to study: (1) options, methods, and strategies for offering voluntary community-based flood insurance policy options and incorporating such options into the Program; and (2) an implementation strategy that would encourage communities to undertake flood mitigation activities.

National Flood Insurance Program Extension Act - (Sec. 2) Amends the National Flood Insurance Act of 1968 (NFIA) to extend to June 30, 2012, the financing for the National Flood Insurance Program.

(Sec. 3) Amends the Flood Disaster Protection Act of 1973 (FDPA) to direct each federal agency lender, in connection with mortgage loans, to accept private flood insurance as satisfaction of the federal flood insurance coverage requirement if such insurance meets specified requirements.

(Sec. 4) Directs the Administrator of the Federal Emergency Management Agency (FEMA) and the Comptroller General each to study methods for privatizing the Program.

Authorizes the Administrator to implement private risk-management initiatives under the Program to determine the capacity of private insurers, reinsurers, and financial markets to assist communities, on a voluntary basis only, in managing the full range of financial risks associated with flooding.

Directs the Administrator to assess the capacity of the private reinsurance, capital, and financial markets by seeking proposals to assume a portion of the Program's insurance risk.

Authorizes the Administrator to secure reinsurance coverage of coverage provided by the Program from private market insurance, reinsurance, and capital market sources in an amount sufficient to maintain the ability of the Program to pay claims and to minimize the likelihood that the Program will utilize certain statutory borrowing authority.

Directs the Administrator to assess the claims-paying ability of the Program, including its utilization of private sector reinsurance and reinsurance equivalents, with and without reliance on certain statutory borrowing authority.

(Sec. 5) Directs the Administrator and the Comptroller each to: (1) study options, methods, and strategies for offering voluntary community-based flood insurance policy options and incorporating them into the Program; and (2) recommend to certain congressional committees the best manner to incorporate voluntary community-based flood insurance options into the Program and a strategy to implement them that would encourage communities to undertake flood mitigation activities.

Prohibits the Administrator of the Federal Emergency Management Agency (FEMA) from estimating subsidized flood insurance premium rates for any residential property (such as a vacation home or second home) which is not the primary residence of an individual.

Increases by 25% each year the chargeable risk premium rate for flood insurance for residential property which is not the primary residence of an individual until the average risk premium rate for such property is equal to the average of the risk premium rates for any properties within any single risk classification.

Declares July 1, 2012, the effective date for the first such increase.

Amends the National Flood Insurance Act of 1968 (NFIA) to extend the National Flood Insurance Program, including its funding, through July 31, 2012.

Prohibits the Administrator of the Federal Emergency Management Agency (FEMA) from estimating subsidized flood insurance premium rates for any residential property which is not the primary residence of an individual (such as a vacation home or second home).

Increases by 25% each year the chargeable risk premium rate for flood insurance for residential property which is not the primary residence of an individual until the average risk premium rate for such property is equal to the average of the risk premium rates for any properties within any single risk classification.

Declares July 1, 2012, the effective date for the first such increase.