Blog Explores Why More Don't Have Flood Insurance
WASHINGTON—News stories after Hurricane Harvey are bringing national attention to the unfortunate reality that many flooded homes were not covered by flood insurance. A Washington Post story, for instance, reported that only 17 percent of homeowners in affected areas had a current policy. Two researchers from Resources for the Future (RFF) provide insights on low rates of insurance take-up from a recent survey of homeowners in the floodplains of Anne Arundel County, Maryland, on the western shore of the Chesapeake Bay. In a new blog post—Why Don’t More People Buy Flood Insurance?—RFF Postdoctoral Fellow Andrew Royal and Senior Fellow Margaret Walls examine the survey’s findings.
The coauthors note: “Gaining a better understanding of why homeowners fail to purchase [flood insurance] and how to change that decisionmaking—through financial incentives, mandates and better enforcement of mandates, better communication of risks, and a host of other options—are critical concerns moving forward.”
Read the full post: Why Don’t More People Buy Flood Insurance?
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