Home Flood Disclosure: Starting October 1, 2024, Florida’s new flood disclosure law (HB 1049) goes into effect, bringing increased transparency to residential property transactions.

Sellers will now be required to inform potential buyers if a property has ever experienced flood damage or received federal aid for flooding.

Importantly, sellers must also disclose that standard homeowners’ insurance does not cover flood damage, emphasizing the need for additional flood insurance policies. This measure is part of 34 new laws taking effect statewide and aims to better protect homebuyers from unforeseen flood-related risks.

The Florida Realtors supported this bill.

Repetitive Flooding: In a broader flood risk landscape, a recent report reveals that over 250,000 properties nationwide have repeatedly filed flood claims through the National Flood Insurance Program (NFIP). Florida ranks third in this troubling statistic, with nearly 27,000 properties designated as repetitive loss properties (RLPs). Recurrent flooding events in high-risk zones contribute significantly to the growing cost of flood insurance and create heightened vulnerability for homeowners.

Building in Floodplains: Research from the University of Miami shows that 21% of Florida’s new housing over the past two decades has been built in floodplains. Florida continues to experience rapid population growth and ongoing coastal development. Nationally, the data shows more than 2 million acres of floodplain have been developed, with about half of that here in Florida. As Florida implements new disclosure requirements and grapples with recurrent flood claims, these trends underscore the importance of proactive flood risk management for both homeowners and policymakers.

For the past four years, hurricanes have caused above-average flooding. This year, we expect more of the same. Protect your home or business from unexpected flood damage with flood insurance from the Behar Insurance. www.beharinsurance.com