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House Insurance Committee forwards bill requiring sellers to disclose flood risks to buyers
Summary
At a committee meeting, the House Insurance Committee reported House Bill 17O4, a measure that would require home sellers to disclose a property's flood-related risk factors to potential buyers, whether the owner carries flood insurance or has filed a flood claim, and notify buyers that a typical homeowner's insurance policy does not usually cover flood damage.
At a committee meeting, the House Insurance Committee reported House Bill 17O4, a measure that would require home sellers to disclose a property's flood-related risk factors to potential buyers, whether the owner carries flood insurance or has filed a flood claim, and notify buyers that a typical homeowner's insurance policy does not usually cover flood damage.
The disclosure requirements are part of recommendations from the Flood Insurance Premium Assistance Task Force and would also direct the state insurance department to maintain a public website with information about flooding and flood insurance. "House bill 17 o 4 requires home sellers to disclose a property's flood related risk factors to home buyers," said Joe Keller, a staff member who explained the…
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