I have heard a lot of stories about people and businesses that have been affected by flooding after this week’s heavy rain. The Washington Post published a story in late December about the move by a number of states to require sellers to disclose more than just the FEMA flood plain designation for their properties. The story describes North Carolina, where “Soon, anyone who sells a home in the state will be required to disclose to prospective buyers far more about a property’s flood risks — and flood history. Rather than merely noting whether a home is in a federally designated flood zone, they will have to share whether a property has flood insurance, whether any past flood-related claims have been filed, or if the owner has ever received any federal assistance in the wake of a hurricane, tidal inundation or other flood-related disaster.”
If you are purchasing a home in one of these states, you should be able to find out in the disclosure if the property has ever flooded and if any claims have ever been filed. You can read more here (might be paywalled, sorry).
