Starting June 21, 2023, every residential lease in New York will be required to include information pertaining to a building’s flood history, current flood risk and flood insurance. This change comes about as a result of Senate Bill S5472A, adding Real Property Law Section 231-b, which was signed by Governor Hochul in December, 2022.
The law requires all residential leases to include the following information:
- Whether any part of the building is located in a Federal Emergency Management Agency (“FEMA”) designated floodplain;
- Whether any part of the building is located in a Special Flood Hazard Area according to FEMA’s Flood Insurance Rate Maps;
- Whether any part of the building is located in a Moderate Risk Flood Hazard Area according to FEMA’s Flood Insurance Rate Maps;
- Any prior damage to the building due to a natural flood event that the owner has knowledge of or reasonably should know has occurred and the nature of any such damage; and
- A notice to tenants stating explicitly “Flood insurance is available to renters through the FEMA National Flood Insurance Program 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.”
Owners should contact their insurance brokers to determine if buildings are located in any of the areas referenced above. Should you have any questions about this required notice, please contact BBG.
Written by: Logan O’Connor, Partner in the Firm’s Administrative Law Department.