The Community Flood Coverage Savings Act directs the Federal Emergency Management Agency to create a pilot program allowing participating communities to purchase a single flood insurance policy covering all residential properties within their area, rather than requiring individual property owners to buy separate policies. This community-wide approach would satisfy federal mandatory flood insurance requirements for all covered properties and must include protections against duplicate insurance claims and a pathway for communities to continue the program after the pilot ends. Communities participating in the program are encouraged to partner with private insurers and other risk transfer market participants to share the insurance burden, and they may use existing flood mitigation assistance grant funds to help implement their community policies. Participation in the pilot program is entirely voluntary for local governments, and FEMA must establish the program within 360 days of the bill's enactment, with the pilot running for two years from that startup date.