Modeling national flood insurance policy holding at the county scale in Florida, 1999–2005

Zahran, Sammy; Weiler, Stephan; Brody, Samuel D.; Lindell, Michael K.; Highfield, Wesley E.

doi:10.1016/j.ecolecon.2009.04.021

Cited by 54 publications

(65 citation statements)

References 25 publications

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“…For instance, Brody et al (2009) use the CRS as a case study to understand policy learning for flood mitigation, while Posey (2009) uses the CRS as a proxy for adaptive capacity and examines whether the socio-economic status of individuals in a community was a determinant of adaptive capacity. Zahran et al (2009) study the correlation between flood insurance purchase by households and CRS participation by local governments in Florida, calling for future research into causes of CRS participation. Furthermore, Landry and Li (2012) examine the influence of local capacity, hydrological risk factors, and flood experience on community hazard mitigation decisions (i.e., CRS participation) in North Carolina counties.…”

Section: Factors Influencing Crs Participationmentioning

confidence: 99%

Local capacity and resilience to flooding: community responsiveness to the community ratings system program incentives

Sadiq

Noonan

2015

Nat Hazards

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Section: Factors Influencing Crs Participationmentioning

confidence: 99%

Local capacity and resilience to flooding: community responsiveness to the community ratings system program incentives

Sadiq

Noonan

2015

Nat Hazards

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“…Posey's results suggest an association between average individual SES and adaptive capacity of the collective (i.e., participation in CRS) (Posey, 2009). In addition, Zahran, Weiler, Brody, and Lindell (2009) examined the correlation between flood insurance purchases by households and the flood mitigation measures implemented by local governments participating in CRS in Florida. Their results indicate a strong correlation between household flood insurance purchase and local government mitigation activities.…”

Section: Literature Reviewmentioning

confidence: 99%

Flood disaster management policy: an analysis of the United States Community Ratings System

Sadiq¹,

Noonan

2015

Journal of Natural Resources Policy Research

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Abstract:In 1990 the US Federal Emergency Management Agency created the Community Ratings System (CRS) to engage local governments to enhance community flood resilience. CRS encourages community flood risk management activities by discounting flood insurance premiums commensurate with the level of flood management measures implemented. Using a national sample of communities, this study empirically identifies factors motivating both communities' decision to participate and intensity of participation in CRS. The results indicate that local capacity, flood risk factors, socio-economic characteristics, and political economy factors are significant predictors of CRS participation. Further, factors predicting participation in CRS differ from factors predicting CRS scores.keywords: disaster management; community resilience; flood insurance; flood risk * Corresponding author.

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“…Since the relationship between insurance purchase and prior experience with hazard events may depend on the specific nature of the experience-number and recency of events, and severity and nature of the overall impact of the event and of the impact to the homeowner personally-it is worth examining the extent to which the literature provides insights into these features of prior experience. Botzen and van den Bergh (2012a), Baumann and Sims (1978), Browne and Hoyt (2000), Zahran et al (2009), andAtreya et al (2015) all specify prior experience in a way that requires an impact associated with the experience-evacuation for the first, damage for the others. Baumann and Sims (1978) also provide some evidence that the percentage of people with insurance increased with the perceived severity of the flood damage.…”

Section: Premium and Deductiblementioning

confidence: 98%

“…Experiment-based studies include Slovic et al (1977), McClelland et al (1993), andGanderton et al (2000). More recently, researchers have analyzed data on actual insurance policies purchased from the NFIP (Browne and Hoyt 2000;Dixon et al 2006;Zahran et al 2009;Michel-Kerjan and Kousky 2010;Kousky 2011b;Atreya et al 2015;Kousky and Michel-Kerjan 2015). These analyses focus on data from different geographic regions, time periods, and units of analysis (individual policies to states).…”

Section: Literaturementioning

confidence: 99%

Homeowner purchase of insurance for hurricane-induced wind and flood damage

et al. 2017

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Understanding the circumstances under which homeowners will purchase insurance is critical to creating an effective insurance market for hurricane wind and flood loss. This paper contributes to the empirical literature on the subject through an analysis of survey data for homeowners in North Carolina. We develop separate mixed logit models for flood insurance and wind insurance purchasing decisions. The analysis uses stated preference data on the influence of premium and deductible to address some limitations of revealed preference data in which it is difficult to fully decouple effects of premium, deductible, risk, and coverage limit, and mandatory purchase requirements. The results for flood insurance and wind insurance are similar. We find evidence that the following are all significant and associated with higher probability of purchasing insurance-lower premium, lower deductible, more recent previous hurricane experience, location in a floodplain or closer to the coast, higher income, and younger homeowners. However, demand is relatively inelastic with respect to premium and deductible, and the willingness to pay for a $1 reduction in deductible varies throughout the population with some willing to pay more than $1, a behavioral anomaly. The recency of the last hurricane experience is more influential for homeowners who experienced damage than for homeowners who did not. Results suggest that insurance purchase and home retrofits are complements, not substitutes. Finally, the paper presents statistical models that can be used to predict insurance penetration rates for a region under different premium levels.

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Modeling national flood insurance policy holding at the county scale in Florida, 1999–2005

Cited by 54 publications

References 25 publications

Local capacity and resilience to flooding: community responsiveness to the community ratings system program incentives

Local capacity and resilience to flooding: community responsiveness to the community ratings system program incentives

Flood disaster management policy: an analysis of the United States Community Ratings System

Homeowner purchase of insurance for hurricane-induced wind and flood damage

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