Market Updates

Florida Lawmakers Considering Bill That Would Require New Disclosure of Real Estate Flood Damage

Hurricane Ian flood
Hurricane Ian destruction near Maxine Barrit Park, with trees uprooted and flooding-wind damage. Venice, Florida, Sept. 29, 2022. File photo: Dawn Damico, Shutter Stock, licensed.

SARASOTA FL – Lawmakers in Florida are considering proposed legislation that, if passed, would require those selling real estate within the confines of the state to be mandated to disclose any flood damage that their property may have sustained prior to being put on the market.

The bill has been officially filed to be looked over by the state legislature during its upcoming March session, and its inclusion has been called for after the Sunshine State was forced to endure two hurricanes in 2022 that resulted in untold levels of property damage.

State Senator Jennifer Bradley (R-Fleming Island) introduced bill SB 484 that would, if voted into law, establish flood damage disclosure requirements for any property being sold in Florida; a similar companion bill was introduced in January – HB 325 – in the House by Rep. Susan Valdes (D-Tampa).

Bradley’s bill would mandate that sellers inform any prospective buyers for a property that they are selling whether or not it has ever been flooded by any means, natural or otherwise; if said property is located within a designated flood-hazard zone; Whether or not the seller has received prior financial flood damage assistance from the federal government; and if the seller has ever filed any claims for flood damage-related insurance claims.

The most recent hurricane to hit Florida – Hurricane Ian, which hit in September – was responsible for causing a significant amount of flood damage throughout the state, ranging from the southwest where the storm made landfall and stretching to the Volusia County coast, including in Orlando.

Currently, the damage inflicted by Ian is estimated to be perhaps the second most-expensive natural disaster in the United States in terms of potential insurance claims, with approximately $60 billion expected to be paid out to affected parties.

In addition, Hurricane Nicole, which hit Florida in November, is expected to add an additional $1.5 billion to that total.

Florida Gulf Residential specializes in the areas of SarasotaSiesta KeyBradentonLakewood RanchLongboat KeyVenicePalmer RanchOspreyAnna Maria Island and other Gulf Coast communities. Feel free to give us a call at (941) 304-1975 so we can answer any questions you may have.



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