Starting on October 1, 2024, a new law passed by the Florida Legislature (CS/CS/HB 1049) will require sellers of residential real estate to disclose critical flood-related information before finalizing a sale. This legislative change is designed to protect homebuyers by ensuring they have a clear understanding of any potential flood risks associated with the property.
What Does This Mean for Home Sellers?
If you're selling a home in Florida, you’ll now need to provide a Flood Disclosure form to prospective buyers at or before the time the sales contract is signed. This disclosure ensures that buyers are aware of the property's flood history and risks, which may not be covered by standard homeowners' insurance policies.
The required disclosure includes whether the seller:
- Has or has not filed a flood damage claim with an insurance provider, including claims through the National Flood Insurance Program.
- Has or has not received federal assistance for flood damage, such as aid from FEMA.
- The seller must also disclose whether the property has experienced flooding from sources like inland waters, heavy rainfall, or tidal overflow.
Why Is This Important for Buyers?
As a buyer, understanding the flood history of a property is crucial, especially in flood-prone areas of Florida. Regular homeowners' insurance policies do not cover flood damage. If you're purchasing a home, you’ll want to discuss flood insurance options with your insurance agent to ensure your investment is protected.
Call to Action
Navigating flood disclosures and insurance can be tricky, but D'Lux Real Estate Services is here to help! Whether you're buying or selling, our expert team will guide you through the process, ensuring compliance with this new law and helping you make informed decisions.
Contact us today to learn more about how the new flood disclosure requirements may impact your next real estate transaction. Let us help you take the next step confidently and securely!