New form for members: Flood insurance disclosure to buyer clients

IAR’s legal team has come up with a new form to inform buyers they may need to look into obtaining flood insurance.

The form, No. 346, makes sure buyers know that past flood insurance premiums may not be an accurate gauge of newer premiums. That’s because recent changes in federal policy are causing premiums in some areas to increase substantially.

The form notes that buyers should do the due diligence to establish how much they might have to pay in flood insurance premiums for a new property.

To learn more on why flood insurance premiums may be heading higher in your areas, read this post.

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About Jon Broadbooks

Jon Broadbooks is Vice President/Communications for Illinois REALTORS®. He serves as editor of online and print content for the association’s communications including the Illinois REALTOR® magazine and e-newsletters. He conducts spokesperson training seminars and oversees website development for the Association.

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