What Should a Buyer Know about Flood Insurance?
Posted by Anthony Licciardello on
When buying a home, flood insurance is a tricky subject.
According to Realtor, it is not the real estate agent’s responsibility to know if a certain home needs flood insurance, but it is their job to disclose all adverse material features, conditions, and aspects of the property. If an agent does know that it needs flood insurance, has had it in the past, or that the area has recently flooded or is subject to flooding, they must disclose this information.
If the agent knows about these terms, they also should let the buyer know about the new Reform Act for flood insurance and the fact that the rates for the insurance policies will be higher than what the other homeowner paid. They may not need to know in exact detail about it, but they should be…
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