By Judi Moseley, Zina Obaid and Darcy Haber
In the last few years all areas of Wisconsin have witnessed historic flooding, which has caused hundreds of millions in damage to homes, businesses and farms as well as endangering lives.
Flooding is in fact the costliest natural disaster our state faces, and since 2010 floods in Wisconsin have caused nine federal disaster declarations.
However, unlike other natural disasters, floods can often be predicted based upon location and how frequently they occur annually. That allows us to prepare for them and to lower the risk that they will damage property or cost lives.
As real estate agents, we help families and individuals with the biggest purchase of their lives. That is why we share a deep concern that homeowners and renters are often in the dark about the reality of their flood risk. This is dangerous because community preparedness for flooding depends on everyone being involved and informed.
Many states in our country allow a home to be sold without ever disclosing the flood risk or flooding history of that home. No matter what state you live in or are moving to, you should be informed about important health and safety risks when buying a home.
In Wisconsin we have a few disclosure provisions for residential home sales, but they are often confusing for the seller to fill out and explain. Should the seller provide incomplete or inaccurate information, legal enforcement can be difficult and costly for the buyer to obtain. This lack of knowledge about flood risk puts people in danger and must be remedied.
To protect people, it is critical that anyone looking to purchase or lease a new home knows its flood history and risk, so they can make an informed decision about whether it’s the right move or take appropriate steps to mitigate the risk. Lead paint disclosure is a perfect example of how this can work successfully.
We believe it is critical to address flood risk disclosure through a national and uniform standard of disclosure – either federal or enacted at the state level – which provides future residents comprehensive information on a property’s flood risk in a timely manner and that is accessible and realistic for sellers.
Strong flood risk and history disclosures are not only ethical to keep people out of harm’s way. They could also help reduce the $20 billion taxpayer burden on the National Flood Insurance Program (NFIP) by reducing flood claims and losses.
Unfortunately, the House of Representatives missed a huge opportunity this month when it passed an NFIP bill without addressing flood disclosure, a key reform that would help our state and millions of folks nationwide.
Wisconsin needs to be prepared for the increasing severity and frequency of storms, which means no one should be moving into their new home without full knowledge of whether they are at risk for flooding or what they can do about it. We need Sen. Ron Johnson, Sen. Tammy Baldwin and the entire Congressional delegation to step up and lead on this important issue.
Note: a 2017 opinion poll conducted for The Pew Charitable Trusts reported that 81% of the registered voters who responded supported a single national standard to disclose property flood risk.
Judi Moseley is a residential real estate agent with Coldwell Banker Brenizer Realtors in Eau Claire and is an Accredited Buyers Representative. She also co-chairs the JONAH Affordable Housing Task Force.
Zina Obaid is a residential real estate agent with Coldwell Banker Brenizer, Realtors in Eau Claire. She also serves on the Eau Claire Plan Commission and the Reach Foundation Board of Directors.
Darcy Haber is an Ecobroker and Owner of Solidarity Realty in Madison. She was formerly a consumer law attorney.