| Policy Tenure Under the U.S. National Flood Insurance Program (NFIP). | |
| | |
MedLine Citation:
|
PMID: 21919928 Owner: NLM Status: Publisher |
Abstract/OtherAbstract:
|
In the United States, insurance against flood hazard (inland flooding or storm surge from hurricanes) has been provided mainly through the National Flood Insurance Program (NFIP) since 1968. The NFIP covers $1.23 trillion of assets today. This article provides the first analysis of flood insurance tenure ever undertaken: that is, the number of years that people keep their flood insurance policy before letting it lapse. Our analysis of the entire portfolio of the NFIP over the period 2001-2009 reveals that the median tenure of new policies during that time is between two and four years; it is also relatively stable over time and levels of flood hazard. Prior flood experience can affect tenure: people who have experienced small flood claims tend to hold onto their insurance longer; people who have experienced large flood claims tend to let their insurance lapse sooner. To overcome the policy and governance challenges posed by homeowners' inadequate insurance coverage, we discuss policy recommendations that include for banks and government-sponsored enterprises (GSEs) strengthening their requirements and the introduction of multiyear flood insurance contracts attached to the property, both of which are likely to provide more coverage stability and encourage investments in risk-reduction measures. |
| | |
Authors:
|
Erwann Michel-Kerjan; Sabine Lemoyne de Forges; Howard Kunreuther |
Related Documents
:
|
17301398 - The prevalence of asthma among the students (7-18 years old) in tehran during 2002-2003. 20226298 - Cost-effectiveness of school-based asthma screening in an urban setting. 21671688 - A review of the costs and cost effectiveness of interventions in chronic kidney disease... 18405208 - An evaluation of washington's medicaid disease-management program. 2037218 - A survey of resident orientation in family practice residency programs. 1343948 - Strategies for implementation and quality assurance for mammographic screening. |
Publication Detail:
|
Type: JOURNAL ARTICLE Date: 2011-9-15 |
Journal Detail:
|
Title: Risk analysis : an official publication of the Society for Risk Analysis Volume: - ISSN: 1539-6924 ISO Abbreviation: - Publication Date: 2011 Sep |
Date Detail:
|
Created Date: 2011-9-16 Completed Date: - Revised Date: - |
Medline Journal Info:
|
Nlm Unique ID: 8109978 Medline TA: Risk Anal Country: - |
Other Details:
|
Languages: ENG Pagination: - Citation Subset: - |
Copyright Information:
|
© 2011 Society for Risk Analysis. |
Export Citation:
|
APA/MLA Format Download EndNote Download BibTex |
| MeSH Terms | |
Descriptor/Qualifier:
|
|
From MEDLINE®/PubMed®, a database of the U.S. National Library of Medicine
Previous Document: Review article: common misconceptions in the management of H. pylori-associated gastric MALT-lymphom...
Next Document: Defending the Conception of "Objective Risk"