House and contents underinsurance: Insights from bushfire-prone Australia

Booth, Kate; Lucas, Chloe; Eriksen, Christine; Vet, Eliza de; Tranter, Bruce; French, Shaun; Young, Travis; McKinnon, Scott J

doi:10.1016/j.ijdrr.2022.103209

Cited by 7 publications

(2 citation statements)

References 49 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…While there is a significant body of literature on past changes to insurance premiums, the literature on future changes to insurance premiums is limited (Bouwer 2013, Pastor Paz et al 2020, Phelan 2011. Much of the existing literature focuses on questions of consumer willingness to pay rather than insurers' willingness to supply (Booth et al 2022, Browne et al 2015, Dixon et al 2017, Landry 2021. There is little expectation that insurance retreat could soon be commonplace even as governments are increasingly asked to act as the insurer of last resort when insurance supply is disrupted following major catastrophes (Binskin et al 2020, Furukawa et al 2020, Jarzabkowski et al 2019, Kousky 2019, Kraehnert et al 2021, Lucas et al 2021, PRA 2015.…”

Section: Literature Reviewmentioning

confidence: 99%

Insurance Retreat in Residential Properties from Future Sea Level Rise in Aotearoa New Zealand

2022

View full text Add to dashboard Cite

Section: Literature Reviewmentioning

confidence: 99%

Insurance Retreat in Residential Properties from Future Sea Level Rise in Aotearoa New Zealand

2022

View full text Add to dashboard Cite

“…The presence or absence of insurance coverage has cascading consequences during recovery in instances where flood or fire events do occur, creating or exacerbating inequities within at-risk communities (Kousky 2019). This includes the type or extent of coverage, as recent studies find high rates of underinsurance, particularly in rural areas (Osbaldison et al 2018, Booth et al 2022. Clarifying who does and does not purchase voluntary flood insurance after wildfires can help governments anticipate potential needs and more intentionally target specific groups with communication about the value of insurance coverage.…”

Section: Introductionmentioning

confidence: 99%

Voluntary uptake of flood insurance in post-fire landscapes: insights from household surveys after two wildfires in northern Arizona

Edgeley,

Colavito,

vonHedemann

et al. 2024

Environ. Res. Commun.

View full text Add to dashboard Cite

Wildfires can rapidly generate post-fire flood risk for downslope communities, complicating recovery and necessitating accelerated cross-boundary responses on both public and private lands. Flood insurance is one of a suite of efforts to minimize the social and financial impacts associated with post-fire flood events, but little is known about who purchases coverage after wildfires or their experiences with insurance claims. We provide an opportunistic contribution to this research gap by comparing data gathered via three mixed-mode household surveys conducted in areas with modeled flood risk after two wildfires in the greater Flagstaff, Arizona area. Two surveys were administered—one in 2011 and one in 2020—after the 2010 Schultz Fire, which resulted in significant flooding, providing a longitudinal insight into insurance experiences. A third survey was administered in 2022 following flooding adjacent to the 2019 Museum Fire. Together, these surveys resulted in a total of 1,351 usable responses. We find that several groups are significantly less likely to purchase flood insurance, including residents who moved to their property after the studied fire event and renters. The reported cost of flood insurance among households affected by the Schultz Fire doubled over a 10-year period; those who no longer maintained coverage typically reported that they stopped renewing between 2–5 years after the fire. Second homeowners were more likely to report damages that were not covered by insurance. We provide recommendations for engaging residents in uptake, renewal, and use of flood insurance and conclude that there is an urgent need to better understand decision-making surrounding post-fire flood insurance to support more equitable recovery.

show abstract

Insurance retreat in residential properties from future sea level rise in Aotearoa New Zealand

Storey,

Owen,

Zammit

et al. 2024

Climatic Change

View full text Add to dashboard Cite

How will the increased frequency of coastal inundation events induced by sea level rise impact residential insurance premiums, and when would insurance contracts be withdrawn? We model the contribution of localised sea level rise to the increased frequency of coastal inundation events. Examining four Aotearoa New Zealand cities, we combine historical tide-gauge extremes with geo-located property data to estimate the annual expected loss from this hazard, for each property, in order to establish when insurance retreat is likely to occur. We find that as sea level rise changes the frequency of inundation events, 99% of properties currently within 1% AEP coastal inundation zones can expect at least partial insurance retreat within a decade (with less than 10 cm of sea level rise). Our modelling predicts that full insurance retreat is likely within 20–25 years, with timing dependent on the property’s elevation and distance from the coast, and less intuitively, on the tidal range in each location.

show abstract

House and contents underinsurance: Insights from bushfire-prone Australia

Cited by 7 publications

References 49 publications

Insurance Retreat in Residential Properties from Future Sea Level Rise in Aotearoa New Zealand

Insurance Retreat in Residential Properties from Future Sea Level Rise in Aotearoa New Zealand

Voluntary uptake of flood insurance in post-fire landscapes: insights from household surveys after two wildfires in northern Arizona

Insurance retreat in residential properties from future sea level rise in Aotearoa New Zealand

Contact Info

Product

Resources

About