By Ryan Kellman, Rebecca Hersher and Lauren Sommer
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None of the landlords, real estate agents, sellers, appraisers, bankers or home inspectors the families interacted with explained the risk of flooding or wildfires, because no one had to do so. Only about half of the states require that information about flood risk be disclosed to homebuyers, and just one state requires that such information be given to tenants. Only two Western states require disclosure of wildfire risk.
What's more, a growing body of research suggests that the flood and fire disclosure laws that do exist provide information in confusing ways or give too little information too late in the homebuying process.
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Every American pays the price for the lack of information, whether or not they have been directly affected by a flood or wildfire. The annual number of floods and wildfires that exceed $1 billion in damage has exploded in recent years.
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Still, those who live in harm's way pay the highest price. Disaster assistance from the Federal Emergency Management Agency tends to help the affluent disproportionately, widening existing racial wealth gaps. Even if homeowners and renters have insurance against disasters, it is often not enough to make them whole.
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