FL S0484

Flood Disclosure in the Sale of Real Property (FL S0484)

• Creates Section 689.302, Florida Statutes, requiring sellers of residential real property to provide a flood disclosure form to prospective purchasers at or before the time the sales contract is executed
• Sellers must disclose whether they are aware of any flood damage to the property during their ownership, whether they have filed any flood-related insurance claims (including through the National Flood Insurance Program), and whether they have received federal flood assistance (including from FEMA)
• Sellers must disclose whether they currently maintain flood insurance on the property
• The required disclosure form includes a notice to buyers that standard homeowners' insurance policies do not cover flood damage and encourages buyers to discuss separate flood insurance coverage with their insurance agent
• Defines "flooding" as partial or complete inundation caused by overflow of inland or tidal waters, rapid accumulation of runoff or surface waters from established water sources, or sustained periods of standing water from rainfall; effective date is October 1, 2024