This bill amends Title 68 of the Pennsylvania Consolidated Statutes, specifically focusing on residential real property. It introduces new definitions related to flood risks, including "flood damage," "flood-related risk factor," and "natural flood event." The definition of "material defect" is also expanded to include flood-related risk factors, emphasizing the importance of disclosing any potential flood risks associated with a property. Additionally, the bill mandates that sellers disclose any known flood-related risk factors and the history of flood damage on the property in their disclosure statements.

Furthermore, the bill requires the Insurance Department to create a publicly accessible website that provides information on flood-related risk factors, flood mitigation, and flood insurance. Sellers are also required to provide a written disclosure to buyers regarding the importance of understanding flood insurance, highlighting that standard homeowner's insurance typically does not cover flood damage. This act aims to enhance transparency in real estate transactions and ensure that potential buyers are well-informed about flood risks associated with properties in Pennsylvania. The act will take effect in 60 days.

Statutes/Laws affected:
Printer's No. 2093 (Jul 08, 2025): 68-7102