Flood History Information Act: Easier Access to Property Flood Data
This new act makes it easier for citizens to access crucial flood history information for properties they intend to buy, lease, or already own. This allows buyers and owners to better assess flood risks and make informed decisions regarding insurance and safety. Insurance companies will also gain access to this data, which may influence insurance rates.
Key points
Purchasers, lessees, and current property owners can obtain information from the government about the number and dollar value of flood claims for a specific property.
The act allows checking if a property requires mandatory flood insurance due to previous federal disaster assistance.
Insurance companies will be able to exchange flood policy and claims data with the government, but only for underwriting, rate setting, and claims adjustment, not for marketing purposes.
The Administrator may charge fees to insurance companies for data access, but not to citizens requesting information about their property.
Status:
Expired
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