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A new bill in Florida would require sellers to disclose flooding information about a home at or before the time of the sale. Requirements in the bill include a form titled “flood disclosure” and it has to include flood insurance disclaimers specifically how the homeowner’s insurance doesn’t include flood damage, if the seller has filed claims for flood damage to the property either through insurance or the National Flood Insurance Program or if the seller received federal assistance for flood damage including assistance from FEMA.
According to Mark Freidlander with the Insurance Information Institute, “Many homeowners today don’t realize that they don’t have flood insurance”. In addition, according to the Natural Resources Defense Council, homeowners who purchase a home with undisclosed flood damage can incur bills up to tens of thousands of dollars to repair the damage.