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 Director of Communications for the Illinois Association of REALTORS®. He supervises and carries out the implementation of the communications programs for the Association. He directs and supervises the Communications staff. He is responsible for coordinating and implementing the public relations and media relations efforts for the Association and acts as spokesperson and liaison to the statewide news media. He serves as editor of online and print content for IAR communications including the Illinois REALTOR® magazine and e-newsletters. He conducts IAR spokesperson training seminars and oversees the operation of website development for the Association.

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