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The Effects Of Flood Insurance On Housing Markets
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Book Synopsis The Effects of Flood Insurance on Housing Markets by : Agustín Indaco
Download or read book The Effects of Flood Insurance on Housing Markets written by Agustín Indaco and published by . This book was released on 2018 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the role of food insurance on the housing markets of coastal cities. To do so we have assembled a parcel-level dataset including the universe of residential sales for three coastal urban areas in the United States - Miami-Dade county (2008-2015), New York city (2003-2016), and Virginia Beach (2000-2016) - matched with their FEMA food maps, which characterize the food risk level for each property. First, we compare trends in housing values and sales activity among properties on the foodplain, as defined by the National Flood Insurance Program (NFIP), relative to properties located elsewhere within the same city. Despite the heightened food risk in the last two decades, we did not find evidence of divergent trends, suggesting that food insurance may have cushioned the effects of the increase in food risk.Secondly, we analyze the effects of the recent reforms to the NFIP. In 2012 and 2014, Congress passed legislation that led to important increases in insurance premia and updates of food maps. We fail to find an effect of increases in premia on the values of foodplain properties in Virginia Beach and Miami-Dade, but we do find evidence of an effect in New York coinciding with the aftermath of hurricane Sandy. We also find some evidence of price changes for properties that experienced a change in risk classification in the new FEMA food maps. We conclude that the full effects of the 2012-2014 food insurance reforms have not yet taken place but will probably materialize in the future.
Book Synopsis The Effects of Subsidized Flood Insurance on Real Estate Markets by : Nicola Garbarino
Download or read book The Effects of Subsidized Flood Insurance on Real Estate Markets written by Nicola Garbarino and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Lender-placed Flood Insurance Market for Residential Properties by : Lloyd S. Dixon
Download or read book The Lender-placed Flood Insurance Market for Residential Properties written by Lloyd S. Dixon and published by Rand Corporation. This book was released on 2007 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: The National Flood Insurance Program (NFIP) provides the majority of flood insurance on U.S. residential properties. While insurance agents sell nearly all NFIP policies through private insurance companies, the U.S. government still underwrites them. Flood insurance is also available from private insurers that underwrite it themselves. This report provides information about the size of the private market and compares private with NFIP policies.
Author :R. Derek Bjonback Publisher :Ann Arbor, Mich. : University Microfilms International ISBN 13 : Total Pages :404 pages Book Rating :4.:/5 (121 download)
Book Synopsis The Impact of the National Flood Insurance Market on Residential Property Markets [microform] by : R. Derek Bjonback
Download or read book The Impact of the National Flood Insurance Market on Residential Property Markets [microform] written by R. Derek Bjonback and published by Ann Arbor, Mich. : University Microfilms International. This book was released on 1984 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Is America’s housing market prepared for the next natural catastrophe? : hearing by :
Download or read book Is America’s housing market prepared for the next natural catastrophe? : hearing written by and published by DIANE Publishing. This book was released on with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Empirical Studies of the Effect of Flood Risk on Housing Prices by : Philip T. Chao
Download or read book Empirical Studies of the Effect of Flood Risk on Housing Prices written by Philip T. Chao and published by . This book was released on 1998 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Principles and Guidlines for Water and Related Land Resources Implementation Studies (P & G) provide that the reduction of flood damages should not be claimed as a benefit of evacuation or relocation because they are already accounted for in the fair market value of floodplain properties. Corps guidance for implementing the P & G explains further that "it would be double-counting to also consider the costs of the physical damages." Yet the assumption that the value of floodplain properties is discounted for flood damages has never been empirically established. This study reviewed existing academic studies and conducted two case studies of hedonic price models. Hedonic price models measure the effect of property attributes upon the overall property value. While the findings are insufficient to show that properties are or are not discounted for flood damages, they show that many attributes affect floodplain property values (e.g., flood insurance, location within the floodplain and income) and that these attributes likely will vary from community to community. These findings bring into question the assumption that all properties are discounted for flood damages.
Author :United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Insurance Publisher : ISBN 13 : Total Pages :72 pages Book Rating :4.F/5 ( download)
Book Synopsis Opportunities for a Private and Competitive Sustainable Flood Insurance Market by : United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Insurance
Download or read book Opportunities for a Private and Competitive Sustainable Flood Insurance Market written by United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Insurance and published by . This book was released on 2015 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Socioeconomic Effects of the National Flood Insurance Program by : James P. Howard, II
Download or read book Socioeconomic Effects of the National Flood Insurance Program written by James P. Howard, II and published by Springer. This book was released on 2016-04-20 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Brief presents a benefit-cost analysis of the National Flood Insurance Program (NFIP) as well as an evaluation of its cumulative socioeconomic effects. Created by Congress in 1968, the NFIP provides flood insurance protection to property owners, in return for local government commitment to sound floodplain management. Since 1994, the NFIP has included a Flood Mitigation Assistance (FMA) program to provide local communities with support for flood mitigation. This book offers quantitative evidence of the net social benefit of the NFIP for the years 1996-2010, including an independent assessment of the consumer benefit. Second, it provides distributionally weighted analysis to show the socioeconomic effects of payments and claims. Finally, this Brief includes an analysis of the change in government revenue attributable to the NFIP and FMA programs. The models used in each component of the analysis are usable by others for extending and revising the analysis. Providing a comprehensive analysis of this increasingly important federal policy, this Brief will be of use to students of environmental economics and public policy as well as those interested in risk management in the era of climate change.
Book Synopsis National Flood Insurance Program by : David Schein
Download or read book National Flood Insurance Program written by David Schein and published by . This book was released on 1984 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Underwater written by Rebecca Elliott and published by Columbia University Press. This book was released on 2021-01-05 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: Communities around the United States face the threat of being underwater. This is not only a matter of rising waters reaching the doorstep. It is also the threat of being financially underwater, owning assets worth less than the money borrowed to obtain them. Many areas around the country may become economically uninhabitable before they become physically unlivable. In Underwater, Rebecca Elliott explores how families, communities, and governments confront problems of loss as the climate changes. She offers the first in-depth account of the politics and social effects of the U.S. National Flood Insurance Program (NFIP), which provides flood insurance protection for virtually all homes and small businesses that require it. In doing so, the NFIP turns the risk of flooding into an immediate economic reality, shaping who lives on the waterfront, on what terms, and at what cost. Drawing on archival, interview, ethnographic, and other documentary data, Elliott follows controversies over the NFIP from its establishment in the 1960s to the present, from local backlash over flood maps to Congressional debates over insurance reform. Though flood insurance is often portrayed as a rational solution for managing risk, it has ignited recurring fights over what is fair and valuable, what needs protecting and what should be let go, who deserves assistance and on what terms, and whose expectations of future losses are used to govern the present. An incisive and comprehensive consideration of the fundamental dilemmas of moral economy underlying insurance, Underwater sheds new light on how Americans cope with loss as the water rises.
Author :United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs Publisher : ISBN 13 : Total Pages :288 pages Book Rating :4.0/5 ( download)
Book Synopsis The Future of the National Flood Insurance Program by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Download or read book The Future of the National Flood Insurance Program written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2007 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Community Opportunity Publisher : ISBN 13 : Total Pages :148 pages Book Rating :4.F/5 ( download)
Book Synopsis The National Flood Insurance Program and Repetitive Loss Properties by : United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Community Opportunity
Download or read book The National Flood Insurance Program and Repetitive Loss Properties written by United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Community Opportunity and published by . This book was released on 2001 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Risk Perception, Flooding, and Housing Market Outcomes by : Julian Plough
Download or read book Three Essays on Risk Perception, Flooding, and Housing Market Outcomes written by Julian Plough and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the impacts of a changing climate is the increase in frequency of extreme weather events, many associated with flooding. Flooding incidence can take various forms determined by individual contexts. These events can be highly localized nuisances or geographically ubiquitous, associated with coastal or inland storms, functions of local infrastructure or residential location, and more. Vulnerability to flooding is a product of these physical realities as well as social interactions. Wealth and federal and local administrative systems can provide resiliencies, and informational systems can mediate opportunities for individuals to assess and update their perceptions of risk. Poorer and lower lying localities and the individuals who reside in them often face different sets of constraints than wealthier and physically less-at-risk counterparts. Behavioral responses to flooding incidence are therefore responses to an amalgamation of realities, both constant and changing. Choices related to residential location provide key insight into the decision- making processes that individuals employ in these complex contexts. The policy-making context surrounding flooding and projected climate change revolves around not only projections of changes in physical incidence, but also the assumed behavioral response to that risk. It is crucial to assess now, in response to extant weather events and frequency changes, behavior that lends insight into the degree to which individuals and populations adapt and adjust. Current examples of resilience, vulnerability, and the lines upon which these determinations fall can provide instrumental inputs to guide forward-looking policy decisions. In this dissertation I focus on housing decisions in three major Gulf Coastal cities as a window into the updating and adaptation processes of individuals that scale into shared behavior. In my first paper I estimate the impact of hurricanes in Houston, TX and Tampa, FL on home transaction prices using a causal difference-in-difference strategy. In this paper I find inconsistent causal estimates of the impacts of flooding and flood risk by market and storm. In my second paper I employ a refined measure of flooding events using the National Flood Insurance Program’s redacted claims dataset and recover consistent causal impacts of localized flood damage claims in Houston, TX. In these first two paper I use transaction prices to make market-based welfare inferences, however the decision to sell or to remain in place presents a story of adaption to itself. In my final paper I employ a survival analysis of the home-sale decision post- Hurricane Katrina in New Orleans, LA where I find that income and race are linked to differential sale rates after the experience of the storm. In this dissertation I use three novel datasets, propose repeatable methods for future work, and employ several econometric and statistical lenses to lend insight into behavioral changes in flooding-related housing decisions that can inform policy
Book Synopsis Housing Market Response to Sea-Level Rise in Florida by : Risa Palm
Download or read book Housing Market Response to Sea-Level Rise in Florida written by Risa Palm and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: South Florida continues to attract new residents despite its susceptibility to sea-level rise. This book explores the views of real estate agent with respect to how prospective homebuyers assess the risk of flooding. It reports on their observations as to whether house prices are stagnant or falling in coastal areas vulnerable to flooding, and their conclusions after working with prospective homebuyers as to whether coastal south Florida is a good place to find a home or, alternatively, a risky investment in a place that will eventually be submerged by rising seas. The book reports on a 2020 survey of real estate agents and concludes that it is not clear that the housing market has integrated flood risk either into reduced demand for housing or in reduced prices for houses susceptible to flooding. These conclusions have important implications for understanding how the risks of climate change and sea-level rise are reflected in the housing market both now and in the near-term future. .
Author :National Academies of Sciences, Engineering, and Medicine Publisher :National Academies Press ISBN 13 :0309374715 Total Pages :141 pages Book Rating :4.3/5 (93 download)
Book Synopsis A Community-Based Flood Insurance Option by : National Academies of Sciences, Engineering, and Medicine
Download or read book A Community-Based Flood Insurance Option written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2015-10-08 with total page 141 pages. Available in PDF, EPUB and Kindle. Book excerpt: River and coastal floods are among the nation's most costly natural disasters. One component in the nation's approach to managing flood risk is availability of flood insurance policies, which are offered on an individual basis primarily through the National Flood Insurance Program (NFIP). Established in 1968, the NFIP is overseen by the Federal Emergency Management Agency (FEMA) and there are about 5.4 million individual policies in the NFIP. The program has experienced a mixture of successes and persistent challenges. Successes include a large number of policy holders, the insurance of approximately $1.3 trillion of property, and the fact that the large majority of policy holders - 80% - pay rates that are risk based. NFIP challenges include large program debt, relatively low rates of purchase in many flood-prone areas, a host of issues regarding affordability of premiums, ensuring that premiums collected cover payouts and administrative fees, and a large number of properties that experience severe repetitive flood losses. At the request of FEMA, A Community-Based Flood Insurance Option identifies a range of key issues and questions that would merit consideration and further analysis as part of a community-based flood insurance program. As the report describes, the community-based option certainly offers potential benefits, such as the prospect of providing coverage for all (or nearly all) at-risk residents and properties in flood-prone communities. At the same time, many current challenges facing the NFIP may not necessarily be resolved by a community-based approach. This report discusses these and other prominent issues to be considered and further assessed.
Author :United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Economic Policy Publisher : ISBN 13 : Total Pages :124 pages Book Rating :4.E/5 ( download)
Book Synopsis The National Flood Insurance Program by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Economic Policy
Download or read book The National Flood Insurance Program written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Economic Policy and published by . This book was released on 2013 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Spatial Spillovers in the Pricing of Flood Risk by : Carolin Pommeranz
Download or read book Spatial Spillovers in the Pricing of Flood Risk written by Carolin Pommeranz and published by . This book was released on 2018 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study, we analyse how, and to what extent, direct and indirect effects (spatial spillovers) matter when estimating price effects for a property location in a flood zone. Unlike the previous literature, we show the importance of indirect effects resulting from a neighbourhood being situated in a flood zone. Additionally, the type of indirect effects (global vs. local) needs to be determined theoretically or empirically using an appropriate spatial model comparison approach. Using the Bayesian model comparison for data related to the flood-prone city of Dresden, Germany, we find strong evidence for a spatial Durbin error model which controls for local spillover effects. These indirect price effects amount to -6.5% for houses and -4.8% for condominiums. However, direct effects diminish when controlling for spatial spillovers. Our results are mostly robust across different model specifications and risk-adjusted prices that include future insurance costs, thus providing evidence of the importance of addressing indirect effects in the form of local spillovers in the analysis of flood zone effects. Ignoring indirect flood effects when formulating policy can lead to flood management that is inefficient and not cost-effective, as the economic consequences of flood are underestimated.
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