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- W4386829164 abstract "Despite increasing exposure to flooding and associated financial damages, estimates suggest more than two-thirds of flood-exposed properties are currently uninsured. This low adoption rate could undermine the climate resilience of communities and weaken the financial solvency of the United States National Flood Insurance Program (NFIP). We study whether repeated exposure to flood events, especially disaster-scale floods expected to become more frequent in a warming climate, could spur insurance adoption. Using improved estimates of residential insurance take-up in locations where such insurance is voluntary, and exploiting variation in the frequency and severity of flood events over time, we quantify how flood events impact local insurance demand. We find that a flood disaster declaration in a given year increases the take-up rate of insurance by 7% in the following year, but the effect diminishes in subsequent years and is gone after five years. This effect is more short-lived in counties in inland states that do not border the Gulf and Atlantic coasts. The effect of a flood on takeup is substantially larger if there was also a flood in the previous year. We also find that recent disasters are more salient for homeowners whose primary residences are exposed to a disaster declaration compared to non-primary residences. Our results provide a more comprehensive understanding of the salience effect of flooding on insurance demand compared to previous studies. Overall, these findings suggest that relying on households to self-adapt to increasing flood risks in a changing climate is insufficient for closing the insurance protection gap." @default.
- W4386829164 created "2023-09-19" @default.
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- W4386829164 date "2023-09-18" @default.
- W4386829164 modified "2023-09-26" @default.
- W4386829164 title "The Effect of Flood Exposure on Insurance Adoption among US Households" @default.
- W4386829164 doi "https://doi.org/10.22541/essoar.169504664.43504681/v1" @default.
- W4386829164 hasPublicationYear "2023" @default.
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