On June 21, 2023, all residential leases in NYS need to be updated to provide notice of the flood risk and flood history of the rental as well as what flood insurance is available to renters.
S5472A has created Real Property Law 231-b to create a right to know for renters when it comes to floods.
Now, in addition to providing the history of flood damage at the premises and whether the rental is in a FEMA floodplain, special flood hazard area, or a moderate risk flood hazard area, landlords must include the following notice in all of their leases:
FLOOD INSURANCE IS AVAILABLE TO RENTERS THROUGH THE FEDERALEMERGENCY MANAGEMENT AGENCY'S (FEMA'S) NATIONAL FLOOD INSURANCE PROGRAM (NFIP) TO COVER YOUR PERSONAL PROPERTY AND CONTENTS IN THE EVENT OF A FLOOD. A STANDARD RENTER'S INSURANCE POLICY DOES NOT TYPICALLY COVER FLOOD DAMAGE. YOU ARE ENCOURAGED TO EXAMINE YOUR POLICY TO DETERMINE WHETHER YOU ARE COVERED.
