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Does National Flood Insurance Program Participation Induce Housing Development?

Author

Listed:
  • Mark J. Browne
  • Carolyn A. Dehring
  • David L. Eckles
  • William D. Lastrapes

Abstract

We estimate the effects on county‐wide housing development in Florida of community‐level participation in the National Flood Insurance Program using panel data methods and observed variation in the timing of the decision to join the program. We find that program participation “increased” housing starts and permits in noncoastal counties, while coastal counties with average flood zone acreage saw significant “declines” in housing activity. We conjecture that loss‐mitigating regulatory costs, an obligation of obtaining insurance, might explain these findings.

Suggested Citation

  • Mark J. Browne & Carolyn A. Dehring & David L. Eckles & William D. Lastrapes, 2019. "Does National Flood Insurance Program Participation Induce Housing Development?," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 86(4), pages 835-859, December.
    • Handle: RePEc:bla:jrinsu:v:86:y:2019:i:4:p:835-859
    DOI: 10.1111/jori.12240
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    Cited by:

    1. Benjamin L. Collier & Daniel Schwartz & Howard C. Kunreuther & Erwann O. Michel‐Kerjan, 2022. "Insuring large stakes: A normative and descriptive analysis of households' flood insurance coverage," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 89(2), pages 273-310, June.
    2. Liu, Xian & Noonan, Douglas, 2022. "Building underwater: Effects of community-scale flood management on housing development," Journal of Housing Economics, Elsevier, vol. 57(C).

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