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.
After Tropical Storm Hilary blasted the Baja and San Diego regions in mid-August, the Federal Trade Commission urged people to watch for a surge in rip-offs.
Opportunists may say they’re performing appraisals, but unless they are licensed appraisers, they lack professional accountability. If they’re improperly doing the work of adjusters, they might be violating state insurance law, too.
Their goal? To fleece people and then walk away from them in their time of need. Today’s climate realities offer schemers plenty of chances to rip people off.