Amends GS 143-138 by adding that the owner of a lawfully established building or structure that is damaged by a historic flood event may replace or reconstruct the building or structure within the base floodplain to the same or lesser extent or volume existing immediately before the historic flood event, without regard to changes in State or local regulations adopted after the building or structure was lawfully established, subject to the following limitations. Specifies that the replacement or reconstruction that increases the extent or volume of the building or structure within the base floodplain is not authorized unless hydrologic and hydraulic analyses demonstrate that the proposed replacement or reconstruction will not result in any increase in the base flood elevation. Defines 200-year flood as a flood having a 0.5% probability of being equaled or exceeded in any given year, resulting in floodwater elevations higher than the base flood elevation associated with a 100-year flood. Defines historic flood event as a flood event that meets or exceeds a 200-year flood. Makes conforming changes to GS 143-215.54.