For years, many New York home sellers skipped the state’s Property Condition Disclosure Statement altogether by giving the buyer a small credit at closing. That option ended on March 20, 2024. Sellers of most one-to-four family homes must now complete the form before the buyer signs a contract, and the updated version includes a new set of flood questions. For buyers in Clifton Park, Halfmoon, and along the Mohawk, those answers can be a useful starting point for flood insurance decisions.
Reading the New Flood Questions
| What the Form Asks | Why It Matters for Coverage |
|---|---|
| Is the property in a FEMA 100-year or 500-year floodplain? | Helps show the mapped risk, though flooding can happen outside mapped zones too |
| Is the property subject to a federal flood insurance requirement? | Signals whether a lender is likely to require flood coverage |
| Is there flood insurance on the property now? | Opens a conversation about whether an existing policy can be transferred |
| Is there a FEMA elevation certificate? | Provides building details insurers often use |
| Has the seller received federal disaster assistance or filed a flood claim? | Reveals flood history that may not be visible during a showing |
What the Form Doesn’t Do
The disclosure statement isn’t a warranty, and it doesn’t replace a home inspection. Buyers still benefit from reviewing FEMA maps and asking neighbors about past water problems.
A Timing Tip for Buyers
Federal flood policies usually have a waiting period before coverage starts, but that waiting period generally doesn’t apply when the policy is purchased in connection with a new mortgage. Coordinating flood coverage before closing helps avoid a gap.
Turning Disclosures Into a Plan
Standard homeowners policies don’t cover flood damage, which we explain in our post on flood insurance vs. homeowners insurance. A real estate attorney can explain the legal side of the disclosure form.
Doug Neil Insurance Agency in Clifton Park, NY can review a property’s flood details and explain your flood insurance options. Home buyers in Clifton Park, NY and across Saratoga County can reach out to Doug Neil Insurance Agency before closing.
