AN ACT ESTABLISHING A RESILIENT CONNECTICUT STRATEGY.

SB 1245 requires insurance agents, mortgage lenders, and home sellers to provide clear written disclosures about flood insurance options and flood risk before transactions. It mandates insurers to explain flood coverage availability, lenders to inform applicants that standard home insurance doesn’t cover floods, and sellers to disclose specific flood hazard details (like FEMA flood zones) during home sales. The bill also adds a $500 credit requirement at closing if sellers fail to provide these disclosures. These provisions directly affect Connecticut homeowners, homebuyers, insurers, and mortgage lenders by increasing transparency about flood risks and insurance.