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New state legislation will require mandatory flood disclosure — learn how this will benefit Florida homebuyers 

Effective Oct. 1 of this year, mandatory flood disclosure will be required during the homebuying process

by Rachel Rhode
June 3, 2024
in Commentary
0

By Rachel Rhode, Environmental Defense Fund 

Hurricane season is officially upon us, and for Floridians that means preparing for the possibility of increased flood and storm risk. But this season and onward, Florida homebuyers are put in a better position for protecting their families and properties thanks to new legislation that passed into law on May 29. 

Effective Oct. 1 of this year, mandatory flood disclosure will be required during the homebuying process. This is a major step forward in ensuring potential buyers have the information needed to make informed decisions about their flood risks, prior to investing in what, for many, is the largest purchase of their lives.  

Why is flood disclosure important?  

Flooding in Florida from Hurricane Ian (iStock image)
Flooding in Florida from Hurricane Ian (iStock image)

Florida is now joining the 32 other U.S. states with disclosure laws in place, demonstrating leadership and a commitment to fostering informed decision-making and more resilient development practices.  

This proves significant amid increasing flood risks across the country, especially in Florida, which faces the brunt of worsening storms and rising sea levels. In fact, at least one third of state properties are predicted to face a severe risk of flooding in the next 30 years, potentially burdening countless individuals and families with significant expenses. According to the Federal Emergency Management Agency, it is estimated that just a single inch of flooding in a standard 2,500 square foot, one-story home could cost more than $25,000 in damages. 

Mandatory flood disclosure will give Florida homebuyers some much-deserved transparency, which in turn can help families make informed decisions like purchasing flood insurance, choosing a different property or investing in home repairs. 

The legislation received bipartisan support, and the Florida Association of Realtors was among those stakeholders. In addition to assisting homebuyers, mandatory flood disclosure also offers benefits to Realtors. This includes building trust among clients, lowering National Flood Insurance Program premiums and increasing community resilience, among others.  

Looking forward  

Rachel Rhode (Environmental Defense Fund)
Rachel Rhode

Once put into action this October, sellers must provide buyers with insurance claims related to flood damage and disclose whether federal assistance was given due to flooding. While sellers will not be required to disclose information about a home’s past flood damage, the information provided will nonetheless help buyers better understand their risks.  

This year’s hurricane season is forecasted to be “above normal,” with the National Oceanic and Atmospheric Administration estimating 17 to 25 named storms. Not to mention, sea levels are rising, and more frequent and severe weather conditions are expected to increase in coming years. 

Enacting a mandatory flood disclosure law is more important than ever and such forward-looking policies will undoubtedly support Florida families and better enable them to prepare for a more resilient future.  

Rachel Rhode is a manager for Environmental Defense Fund’s Climate Resilient Coasts and Watersheds program in Florida. 

Tags: floodingFlorida LegislatureFlorida Realtorshurricanesmandatory flood disclosureNational Flood Insurance Programreal estatesea-level rise
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The Invading Sea is a nonpartisan source for news, commentary and educational content about climate change and other environmental issues affecting Florida. The site is managed by Florida Atlantic University’s Center for Environmental Studies in the Charles E. Schmidt College of Science.

 

 

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