A bill that would put new requirements for flood risk disclosure to homebuyers advanced this week in the state Assembly as New York lawmakers seek to address a growing concern that coincides with a changing climate.

The measure backed by Assemblymember Robert Carrol would create a "right to know" provision for homebuyers when purchasing a property.

A flood disclosure requirement is already in place for when someone buys a home. But lawmakers contend there is a "loophole" in the existing law which allows the buyer to get a $500 credit at closing and the disclosure requirement is waived.

The bill would end the credit provision and require sellers to disclose current data on flood risk as well as flood history along with flood insurance on real property transactions.

“My legislation will help homebuyers by ensuring that they have the information about flooding to make informed choices on how best to protect their homes,” Carroll said. “As we work to fight climate change, we also have to take measures in response to the harm it is causing. New York State has lagged behind other states when it comes to flood risk disclosure and this legislation is an important step forward. I want to thank the Rise to Resilience Coalition for their tenacious work in securing the passage of this legislation.”

Flooding has become increasingly a concern for New York policymakers in the wake of flash flood events as well as hurricanes that have swept through the state. Carroll pointed to data from the Natural Resources Defense Council that found the average home in New York state with prior flood damage has an expected average loss of $3,126 each year.