The bill establishes new flood risk disclosure requirements for landlords, sellers, developers, and mobile home park owners concerning residential properties. Landlords are mandated to provide prospective tenants with a flood disclosure before executing a rental agreement, detailing any knowledge of flooding, related insurance claims, and a definition of flooding. If a landlord fails to provide truthful information and the tenant experiences substantial loss or damage, the tenant can terminate the rental agreement and receive a refund for any rent paid in advance. Similar disclosure requirements are imposed on sellers of residential real property and developers of condominium units, ensuring that buyers are informed about flood risks prior to purchase.

Additionally, mobile home park owners must provide a flood disclosure document to prospective lessees before a rental agreement is executed or at the time of occupancy. This document must inform renters that standard homeowners and renters insurance does not cover flood damage and encourage them to consider separate flood insurance. The bill also specifies that if a park owner does not comply with these requirements and a lessee suffers significant damage due to flooding, the lessee can terminate the rental agreement within 30 days of the incident and receive a refund for any rent paid in advance. The act is set to take effect on October 1, 2025.

Statutes affected:
S 948 Filed: 689.302, 718.503
S 948 c1: 689.302, 718.503, 719.503
S 948 c2: 689.302, 718.503, 719.503
S 948 e1: 689.302, 718.503, 719.503
S 948 er: 689.302, 718.503, 719.503