The proposed bill establishes new disclosure requirements for landlords, sellers, developers, and mobile home park owners regarding flood risks associated with residential properties. Landlords must provide a flood disclosure document to prospective tenants before executing a rental agreement, detailing any knowledge of flooding incidents and encouraging tenants to consider separate flood insurance. If a landlord fails to disclose this information truthfully and the tenant suffers substantial loss or damage due to flooding, the tenant has the right to terminate the rental agreement and receive a refund for any prepaid rent. The bill also enhances flood risk disclosures for prospective purchasers of residential real property and condominium units, requiring sellers and developers to provide information about past flooding incidents and insurance claims related to flood damage.

Additionally, mobile home park owners are mandated to provide a flood disclosure statement prior to the execution of a rental agreement or at the time of occupancy. This statement must inform potential renters that standard homeowners and renters insurance policies do not cover flood damage and encourage discussions about separate flood insurance. Park owners must disclose their knowledge of any past flooding incidents, claims filed with insurance providers, and assistance received from agencies like FEMA. If a park owner fails to comply with these requirements and a lessee experiences significant damage, the lessee can terminate the rental agreement within 30 days and receive a refund for any rent paid in advance. The provisions of this bill are 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