The timing of Florida’s new law that requires home sellers to disclose flood claims took effect (of all times) today. Axios explains:
A new flood disclosure law takes effect today. It requires sellers to provide potential buyers with a form showing any insurance claims for flood damage and the federal assistance received for it.
- The form also informs buyers that most homeowners insurance policies don’t cover flood damage and encourages them to consult with an insurance agent about the need to purchase flood coverage.
- Sellers aren’t required to mention flood damage if no claim was made or to state whether the property needs flood insurance.
The big picture: Florida is now one of 32 states that require flood disclosure in real estate transactions, and it could save homeowners tens of thousands of dollars in unexpected repair costs, per the Natural Resources Defense Council.
By the numbers: Nearly half of all properties in Pinellas are at risk of flooding over the next 30 years, according to the nonprofit First Street Foundation.
- Meanwhile, fewer than 20% of Florida homeowners have flood insurance, says Mark Friedlander with the Insurance Information Institute.
Friction point: Sellers might see property values drop because of the required flood disclosure, according to an analysis of the new law.
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