On February 14, 2025, the State of New York passed a law amending Bills S7125A & A5073A which revised the flood insurance disclosure language in NY Real Property Law § 283. This law takes effect on May 15, 2025.
The flood disclosure language previously read:
“Please note that the flood insurance we are requiring you to purchase will only protect your creditor or lender’s interest in your property. The insurance may not be sufficient to pay for many needed repairs after a flood and may not compensate you for your losses in the property due to the flood. If you wish to protect your home or investment, you may wish to purchase more flood insurance than the amount we are requiring you to buy.”
The flood disclosure language now reads:
“The flood insurance we are requiring you to purchase may not be sufficient to pay for many needed repairs after a flood and may not compensate you for your losses in the property due to the flood. If you wish to protect your home or investment, you may wish to purchase more flood insurance than the amount we are requiring you to buy.”
As such, the language in Cx28044 “New York Flood Insurance Disclosure” has been updated accordingly.
These changes are available for testing on Stage & Stage 2 servers and will take effect on May 15, 2024. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.
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