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Amends the National Flood Insurance Act of 1968 to create an exception to the mandatory 30-day waiting period for new flood insurance coverage to take effect under the National Flood Insurance Program. Exempts from the waiting period the purchase of flood insurance coverage for which the Secretary of Homeland Security (DHS) waives the period because of an occurrence that has caused the area covered by the insurance to be more susceptible to flooding than before the occurrence. Specifies in particular property located in an area that, because of a wildfire beginning on June 20, 2010, became more susceptible to flooding than before the wildfire. Allows the Secretary to apply the waiver retroactively. Directs the Administrator of the Federal Emergency Management Agency (FEMA) to ensure that flood insurance coverage of such a covered property takes effect on the date that all obligations for coverage (including completion of the application and payment of any initial premiums owed) were satisfactorily completed.

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