Bill > HB863

This bill amends the Virginia Residential Property Disclosure Act to require additional flood-related disclosures from owners of residential real property. Specifically, the bill requires owners to disclose if the property is a "repetitive risk loss structure" (where two or more flood insurance claims of over $1,000 were paid within 10 years), if the property is located in a FEMA-designated flood zone or dam break inundation zone, if the property has experienced past flood damage or received federal disaster assistance, and if the property has any flood control structures. The bill also requires the Real Estate Board to include spaces on its disclosure form for owners to provide this flood-related information, and it mandates that landlords disclose to tenants whether the rental property is located in a flood zone and that renters may purchase flood insurance. Overall, the bill aims to improve transparency around flood risks for both home buyers and renters in Virginia.

Business and Industry, Justice

https://lis.virginia.gov/cgi-bin/legp604.exe?241+sum+HB863