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The Natural Hazards Disclosure Act, under Sec. 1103 of the California Civil Code, [1] states that real estate seller and brokers are legally required to disclose if the property being sold lies within one or more state or locally mapped hazard areas. The law specifies that the six (6) required hazards be disclosed on a statutory form called the ...
The bills apply to landlords and property owners and should be passed by the Legislature even if landlords, property owners and the real estate industry see the disclosure of flood information as ...
The National Flood Insurance Program (NFIP), for example, is one primary supplier of surplus lines policies, and it underwrites flood policies for homes across the country. NFIP insurance might be ...
Participation in the NFIP is based on an agreement between local communities and the federal government that states that if a community will adopt and enforce a floodplain management ordinance to reduce future flood risks to new construction in Special Flood Hazard Areas (SFHA), the federal government will make flood insurance available within the community as a financial protection against ...
Drainage law is a specific area of water law related to drainage of surface water on real property. It is particularly important in areas where freshwater is scarce, flooding is common, or water is in high demand for agricultural or commercial purposes.
If investor-owned properties increasingly dominate flood-prone areas, the region may see a shift in property values and community dynamics as fewer long-term residents choose to live in high-risk ...
The federal government heavily underwrites the flood insurance rates for these areas. The law "ordered FEMA to stop subsidizing flood insurance for second homes and businesses, and for properties that had been swamped multiple times." [6] These changes were to occur gradually over the course of five years. FEMA was also instructed to do a study ...
The commercial real estate industry faces an intensifying threat from flooding, which is likely to lead to billions of dollars in increasing costs, a new study