How many of us ask about flood risk before buying a house or renting an apartment?
In many areas of the country, whether we rent or buy, no one mentions flood risk. And yet, for millions of homes, flood risks keep increasing.
Knowing whether a home has flooded, or is at high risk of flooding, helps us grasp the financial risks involved with a home. “Just one inch of flooding can cause $25,000 in structural damage,” says the National Association of REALTORS®.
In light of the issue’s importance, four states are implementing new disclosure policies.
Continue reading “Safe or Sorry? The Evolving Law of Disclosing Flood Risk (and How to Look Up Your Own Home’s Risk of Flooding)”