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Homeowners Insurance With Bundled Catastrophe Coverage

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Author Info
Martin F. Grace
Robert W. Klein
Paul R. Kleindorfer

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Abstract

We estimate the demand for homeowners insurance in Florida and New York with indicated loss costs as our proxy for the quantity of real insurance services demanded. We decompose the demand into the demand for coverage of catastrophe perils and the demand for noncatastrophe coverage and estimate these demand functions separately. Our results are relatively consistent in New York and Florida, including evidence that catastrophe demand is more price elastic than noncatastrophe demand. We also find evidence that consumers value options that expand coverage, buy more insurance when it is subsidized through regulatory price constraints, and consider state guaranty fund provisions when purchasing insurance. Copyright The Journal of Risk and Insurance.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.0022-4367.2004.00094.x
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Publisher Info
Article provided by The American Risk and Insurance Association in its journal The Journal of Risk and Insurance.

Volume (Year): 71 (2004)
Issue (Month): 3 ()
Pages: 351-379
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Handle: RePEc:bla:jrinsu:v:71:y:2004:i:3:p:351-379

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-4367

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  1. W. Kip Viscusi & Patricia Born, 2006. "The Catastrophic Effects of Natural Disasters on Insurance Markets," NBER Working Papers 12348, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  2. Enjolras, G. & Sentis, P., 2008. "The Main Determinants of Insurance Purchase: An Empirical Study on Crop Insurance Policies in France," 2008 International Congress, August 26-29, 2008, Ghent, Belgium 44395, European Association of Agricultural Economists. [Downloadable!]
    Other versions:
  3. Howard Kunreuther, 2006. "Reflections on U.S. Disaster Insurance Policy for the 21st Century," NBER Working Papers 12449, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Howard Kunreuther & Mark Pauly, 2006. "Rules rather than discretion: Lessons from Hurricane Katrina," Journal of Risk and Uncertainty, Springer, vol. 33(1), pages 101-116, September. [Downloadable!] (restricted)
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