The Rhode Island Flood Insurance Addendum is used to inform buyers that a mortgage lender may require flood insurance as a condition of purchasing the property, in addition to standard homeowner’s insurance. It explains that flood zone designations are set by FEMA and may change, that flood insurance rates are increasing, and that prior owners’ premiums may not reflect future costs.
The form encourages buyers to contact lenders and insurance providers early to determine whether coverage or an elevation certificate is required and how premiums may affect loan approval. Not all sellers are required to provide this addendum, as Rhode Island law does not mandate its use and no specific statute requires it. Instead, it is typically used when a property may be located in or near a flood zone, when a lender is likely to require flood insurance, or when a buyer requests added protection.
Include Your Disclosures on Your MLS Listing
When you list your home on the MLS with homecoin.com for a low, one-time flat fee, we will upload your disclosures directly in your MLS listing, so you can easily comply with Rhode Island law. Learn more about our flat fee MLS service HERE.
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