Flood Insurance: Why Don’t People Buy It?
View on Viewpoints: The PPIC Blog website"For people living in a floodplain or behind a levee, flood coverage is important well beyond El Niño. Yet past experience suggests many newly insured Californians will not keep their policies after El Niño passes. Many NFIP policies are dropped in a few years; only a third of policies are held for six years or longer. Although some of this can be explained by people moving, fading concern about floods is likely also a factor. In 1998—a year after California’s last widespread flooding—flood insurance sales were at an all-time high of nearly half a million policies. Ten years later, that number had fallen by half."
