We want to make you aware of a new law that just went into effect in Florida On October 1, 2024 Regarding Disclosure of Flood-Related Experience.

Florida Statute 689.302 now Requires Sellers to provide Potential Buyers with a new Flood Insurance Disclosure form at or before the time of an executed contract.  The Seller of ANY Residential Real Property, Which Would Include a Vacant Lot or Land, Anywhere in Florida Must Disclose the Following:

1.     Whether you have ever 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.     Whether you have ever received federal assistance for flood damage to the property, including, but not limited to, assistance from the Federal Emergency Management Agency.

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.

 All of our Sellers Who Currently have their home listed for sale with us need to complete and sign this form, and we will load it into our MLS system so we can easily fulfill the requirement of providing this disclosure at or before the time of signing a contract to sell the property.  Also, we will have all future Sellers sign this disclosure at the time we list their home or land for sale.

Please keep in mind, that is now Florida State Law, and if you ever wish to sell your home anywhere in Florida, you will be required to complete and sign this “Flood Disclosure” and I just wanted to make sure you are aware of this requirement to keep everyone out of potential trouble.

 Please let us know if you have any questions about this Flood Disclosure, or about Southwest Florida Real Estate. 

Here is a Link to the Florida Realtors BAR Version of the Disclosure Form: Florida Realtors “Flood Disclosure”

Here is a Link to the Naples Area Board of Realtors (NABOR) Version of the Disclosure Form: “Required Disclosure Form”

As always, We Would Love to Help You, or the Ones You Care About, When Selling or Purchasing any Real Estate in Southwest Florida.

Below is a Summary of  689.302, F.S., and CLICK HERE for a Link Directly to the Law (689.302, F.S.):

Under Florida law, a seller of residential real property must make certain disclosures to a buyer. Currently, Florida courts are split as to whether a tendency to flood must be disclosed to a buyer of real property, and no Florida statute requires a flood disclosure in a real property transaction. This may leave buyers who are not familiar with the area at a significant disadvantage. Given its history of extreme weather, several areas of Florida could be at risk for flooding, which is typically not covered by homeowner’s insurance or hurricane insurance. CS/CS/HB 1049 creates s. 689.302, F.S., to require a seller of residential real property to complete and provide a form relating to flood disclosure to a purchaser of residential real property at or before the time the sales contract is executed. The bill requires the flood disclosure to be made in the following form:  The title of the form must be labeled “FLOOD DISCLOSURE.”  A flood insurance disclaimer must be provided which states as follows: “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.”  The seller must state whether he or she has 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.  The seller must state whether he or she has received federal assistance for flood damage to the property, including, but not limited to, assistance from the Federal Emergency Management Agency. For the purposes of the disclosure, the bill defines flooding as a general or temporary condition of partial or complete inundation of the property caused by any of the following:  The overflow of inland or tidal waters.  The unusual and rapid accumulation of runoff or surface waters from any established water source, such as a river, stream, or drainage ditch.  Sustained periods of standing water resulting from rainfall. The bill does not appear to have a fiscal impact on state and local government.  The bill provides an effective date of October 1, 2024.