A new flood disclosure rule takes effect Monday in North Carolina. It makes disclosing flood history mandatory during the homebuying process.
Burning fossil fuels is driving up global average temperatures and increasing inland flooding. A warmer atmosphere holds more moisture and rains harder during storms. This increases flooding inside and outside federally designated floodplains.
The North Carolina Real Estate Commission now requires all home sellers to disclose information about their property’s flood histories, including answering questions about flood insurance and past disaster aid.
The Natural Resources Defense Council is one of several organizations that petitioned the commission to adopt a new flood disclosure rule.
Floods rank second in weather-related deaths in the U.S. They’re also expensive, costing nearly $700 million annually, according to research group Climate Central. Federal floodplain maps use past data to determine where flooding is likely.
“But with climate change, that’s going to be a wrench thrown into the gears of that process,” said Joel Scata, an attorney with the NRDC.
In Charlotte, 2,700 residential and commercial structures are in the federal floodplain. However, more than 10 times that many properties risk flooding in the next 30 years, according to modeling by the First Street Foundation.
“A buyer can then determine, ‘Oh, maybe this isn’t the house for me,' or, ‘I’m going to take this house, but I need to get flood insurance,’” Scata said.
For homeowners living in a floodplain, federal home buyout programs can serve as a lifeline. In Mecklenburg County, Storm Water Services administers local and federal funds to purchase and remove homes in historic floodplains.
