New York will become the latest state to require flood risk disclosures in home sales under a new law signed by Gov. Kathy Hochul on Friday. This is the latest indicator that even places considered relatively insulated from the climate crisis, like the U.S. Northeast, are increasingly feeling its impacts. The new law closes a loophole in state law that has allowed home sellers to pay a $500 fee to avoid disclosing their home’s flood risk. It also requires sellers to disclose additional information about flooding in their properties, such as whether the property is in a flood hazard area and if any flood insurance claims have been filed.
While the Northeast has been considered relatively safe from the effects of a warming world, New York and other states in the region have seen an increasing share of extreme weather events in recent years. In July, Vermont, New York, and other Northeast states saw particularly heavy rain, causing catastrophic flooding that killed at least one person, washed out roads and bridges, and damaged thousands of homes and businesses. Last summer, parts of Rhode Island were overwhelmed by more than 10 inches of rain over a 24-hour period. In what may be the most tragic storm to hit New York City since Superstorm Sandy, at least 13 people died in 2021 after remnants of Hurricane Ida inundated the city for days. Most of those deaths occurred in basements that were illegally converted into apartment units.
New York’s new flood disclosure law also highlights the nation’s growing home insurance crisis. More and more Americans are finding it difficult to afford insurance on their homes after major insurers stopped offering new plans in some of the states most affected by climate-driven disasters, including California, Florida, and Louisiana. In fact, roughly 39 million U.S. properties—roughly a quarter of all homes in the country—are being underpriced for their climate risks.