Many States in US Lack Flood Risk Disclosure Laws for Home buyersDoonited News
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Many States in US Lack Flood Risk Disclosure Laws for Home buyers

Many States in US Lack Flood Risk Disclosure Laws for Home buyers
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Homebuyers in almost half of the states together with hurricane-prone Florida could be left at midnight concerning the flood dangers to their new home.

The Natural Resources Defense Council (NRDC) ) has launched an up to date scorecard that reveals which states have one of the best and worst disclosure guidelines to guard house consumers.

Louisiana, which additionally suffers greater than its share of storms, has one of many stronger disclosure legal guidelines.

Greater than 41 million Individuals stay in flood zones and local weather change is rising flood dangers for thousands and thousands extra.

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“The deck is stacked towards homebuyers, leaving thousands and thousands of individuals investing their life financial savings in dangerous properties with out understanding it,” says Joel Scata, an legal professional with NRDC. “With flood dangers rising all through the nation, we have to strengthen these disclosure guidelines throughout the board.”

NRDC Searchable Map: How States Stack Up on Flood Disclosure

The up to date scorecard particulars every state’s provisions, together with:

Florida and Virginia, the place tens of 1000’s of properties are flood susceptible, don’t have any statutory or regulatory requirement {that a} vendor disclose previous flood damages;
In New York, sellers will pay $500 to not disclose earlier flooding;
Texas, alternatively, put in place a top-notch disclosure requirement after Hurricane Harvey;
South Carolina improved its guidelines following a collection of tales detailing the issue within the Charleston Submit and Courier.

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Disclosure doesn’t have an effect on federal flood insurance coverage necessities or charges; it simply alerts a purchaser to the dangers.

NRDC mentioned it’s working with states to strengthen these necessities. As well as, lawmakers in Congress have proposed together with a nationwide commonplace in laws to reauthorize the Nationwide Flood Insurance coverage Program.

NRDC helps a householders a “proper to know” about their property’s previous historical past of flood insurance coverage protection, harm claims paid, and whether or not there’s a authorized requirement to buy flood insurance coverage due to previous homeowners’ receipt of federal catastrophe help.

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