The bill establishes new disclosure requirements for landlords, sellers, and developers regarding flood risks associated with residential properties. Landlords are mandated to provide a flood disclosure to prospective tenants before executing a rental agreement, detailing any knowledge of flooding and encouraging tenants to consider flood insurance. If a landlord fails to disclose this information truthfully and the tenant suffers substantial loss due to flooding, the tenant has the right to terminate the rental agreement and receive a refund for any rent paid in advance for the period following the termination. The bill also defines "flooding" and "substantial loss" to clarify the terms of these disclosures.

Additionally, the bill amends existing statutes to require sellers and developers of residential properties, including mobile home parks, to provide similar flood risk disclosures to prospective buyers and lessees. This includes information about past flooding incidents and the necessity of separate flood insurance. Mobile home park owners are specifically required to provide a flood disclosure document before the execution of a rental agreement or at the time of occupancy, informing potential renters that standard insurance policies do not cover flood damage. The bill outlines consequences for non-compliance, allowing lessees to terminate their rental agreements and receive refunds if they suffer substantial loss due to flooding. The bill 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