Gov. Ron DeSantis signed into law this week a bill that requires residential property sellers to disclose flooding.
HB 1049: Flood Disclosure in the Sale of Real Property
House Bill 1049 requires residential property sellers to provide flood disclosures to buyers at or before the sales contract is executed. It must include the following:
- The title of the form must be labeled “FLOOD DISCLOSURE.”
- A flood insurance disclaimer must be provided which states as follows: “Flood Insurance: Homeowners' insurance policies do not include coverage for damage resulting from floods. Buyer is encouraged to discuss the need to purchase separate flood insurance coverage with Buyer's insurance agent.”
- The seller must state whether he or she has filed a claim with an insurance provider relating to flood damage on the property, including, but not limited to, a claim with the National Flood Insurance Program.
- The seller must state whether he or she has received federal assistance for flood damage to the property, including, but not limited to, assistance from the Federal Emergency Management Agency.
Florida Realtors® supported this bill to help buyers make more informed decisions about properties and reduce post-closing disputes. The flood disclosure law goes into effect on Oct. 1.
Published May 30, 2024
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