A tenant who experiences substantial flood damage but wasn’t properly notified by a landlord of the risk could terminate a lease and sue to recover damages.
, found nearly 8,000 homes that previously flooded were purchased in New Jersey in 2021. The report said the average home buyer of a previously flooded property in the state can expect to sustain about $25,000 in damages over a 15-year period. That goes up to $50,000 over a 30-year period, the report found.
The Department of Community Affairs will develop a standard notice for landlords to fill out to disclose whether flood risks exist. A tenant who experiences substantial flood damage but wasn’t properly notified by a landlord of the risk could terminate a lease and sue to recover damages, according to the bill.
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