Rule detail : 213920

FLA LEG Property Flood Risk Form

FLA LEG enacted HB 1049 (cross-filed SB 484) real property flood risk disclosure form.
Require seller of residential real property notify prospective buyers of flood risk, claim.
Add FLA INS XL-689.302 (disclosure of flood risks to prospective property purchasers).
Key Bill Provisions
Ensure property seller complete flood disclosure form before the contract is executed.
Form articulates a home insurance policy does not include coverage for flood damage.
Require seller disclose if, or if not, a claim has been filed on flood damage that exists.
Encourage the buyer to discuss purchasing a separate flood policy with their insurer.
Legislative History
On Jan. 9, 2024, bill introduced in the House;on Mar. 4, 2024, bill passed the House.
On Mar. 4, 2024, bill was introduced in the Senate, House bill substituted and passed.
On May 29, 2024, governor approved bill; on May 30, 2024, assigned Ch 2024-215.
Effectiveness
House bill HB 1049 was assigned Chapter 2024-215 and takes effect on Oct. 1, 2024.

Regulators	FLA LEG
Entity Types	CNSM; IB; Ins; MG Orig; Servicer
Reference	Ch 2024-215, Bill, HB1049, SB484, 5/29/2024; Citation: FLA INS XL-689;
Functions	Actuarial and Valuation; Claims/Accelerated Benefits; Underwriting
Countries	United States of America
Category
State
Products	Home Insurance; Insurance; Loan; Mortgage
Regions	Am
Rule Type	Final
Rule Date	5/29/2024
Effective Date	10/1/2024
Rule Id	213920
Linked to	N/A
Reg. Last Update	5/29/2024
Report Section	US Consumer