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October 12, 2022What Happens When a Flood Strikes in the Middle of a Pandemic”
October 12, 2022
Currently, federal policy requires lenders—and not sellers—to notify borrowers only if they are required to have flood insurance. Recent tools have made flood risk data more available, but the lack of standard disclosure laws and access creates misunderstanding and gaps in consumer awareness. Disclosure laws already exist as a standard practice for property when it comes to lead paint—flood risk should be no different.
My Flood Risk Director of Operations Amanda Bryant said, “Protecting families and keeping them informed on the risks associated with both past and future flood events is a national issue that requires a federal solution. It is time to end the costly and dangerous cycle of leaving families uninformed on the true issues associated with repeatedly flooded properties. Congress should take up and pass legislation requiring flood risk and history disclosure today.”
The lack of standard information perpetuates confusion and creates significant financial damage for homebuyers caught unaware of their true flood risk. For families living in a 100-year floodplain, the likelihood of a flood occurring during the lifetime of a 30-year mortgage are roughly one in four. The problem is exacerbated for homebuyers and renters that may live outside mapped risk zones and may never be aware of their risk or past flooding on the property.
Current disclosure-related legislation in Congress would ensure that homeowners, businesses, and renters are provided with useful, timely information regarding flood risk, any history of flooding, or flooding damages known to a seller or lessor.
See articles of Flood Restoration
What Happens When a Flood Strikes
in the Middle of a Pandemic
