Starting October 1, 2024, Florida’s new Flood Disclosure requirement means sellers must disclose past flood damage before enterig into a Contract to sell a home.
Florida Statute 689.302 requires a seller to complete and provide a flood disclosure to a buyer of residential real property. This disclosure must be done at or before the time of a contract being executed. Sellers will need to disclose:
- Whether they have filed a claim with their insurance provider relating to flood damage on the property.
- Whether they have received federal assistance for flood damage to the property.
Note that is a STATE Law similar to the duty of a Seller, and their agent, to disclose all know defects of a Property which are not readily observable and which may affect the value to a Buyer is state law.
689.302 Disclosure of flood risks to prospective purchaser.—A seller must complete and provide a flood disclosure to a purchaser of residential real property at or before the time the sales contract is executed. The flood disclosure must be made in the following form:
FLOOD DISCLOSURE
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.
(1) Seller has ☐ has not ☐ 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.
(2) Seller has ☐ has not ☐ received federal assistance for flood damage to the property, including, but not limited to, assistance from the Federal Emergency Management Agency.
(3) For the purposes of this disclosure, the term “flooding” means a general or temporary condition of partial or complete inundation of the property caused by any of the following:
(a) The overflow of inland or tidal waters.
(b) The unusual and rapid accumulation of runoff or surface waters from any established water source, such as a river, stream, or drainage ditch.
(c) Sustained periods of standing water resulting from rainfall.
