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Flood Risk, Local Hazard Mitigation, and the Community Rating System of the National Flood Insurance Program

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  • Jingyuan Li
  • Craig E. Landry

Abstract

Using panel data for North Carolina communities, we estimate dynamic regression models of flood mitigation projects as recognized by the Community Rating System (CRS) of the National Flood Insurance Program. We find serial correlation in CRS points, which we interpret as incremental persistence that reflects physical and human capital accumulation. We find greater levels of mitigation in communities with larger tax revenues and lower levels of crime and unemployment, and a weak, but significant, effect due to recent flood experience. Socioeconomic factors also affect hazard mitigation; CRS points are greater in communities with greater median household income and higher population density.

Suggested Citation

  • Jingyuan Li & Craig E. Landry, 2018. "Flood Risk, Local Hazard Mitigation, and the Community Rating System of the National Flood Insurance Program," Land Economics, University of Wisconsin Press, vol. 94(2), pages 175-198.
    • Handle: RePEc:uwp:landec:v:94:y:2018:i:2:p:175-198
    Note: DOI: 10.3368/le.94.2.175
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    Citations

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    Cited by:

    1. Douglas S. Noonan & Xian Liu, 2019. "Heading for the Hills? Effects of Community Flood Management on Local Adaptation to Flood Risks," Southern Economic Journal, John Wiley & Sons, vol. 86(2), pages 800-822, October.
    2. Craig Landry & Dylan Turner, 2020. "Risk Perceptions and Flood Insurance: Insights from Homeowners on the Georgia Coast," Sustainability, MDPI, vol. 12(24), pages 1-22, December.
    3. Eugene Frimpong & Daniel R Petrolia & Ardian Harri & John H. Cartwright, 2020. "Flood Insurance and Claims: The Impact of the Community Rating System," Applied Economic Perspectives and Policy, John Wiley & Sons, vol. 42(2), pages 245-262, June.
    4. Noonan, Douglas S. & Sadiq, Abdul-Akeem, 2019. "Community-scale Flood Risk Management: Effects of a Voluntary National Program on Migration and Development," Ecological Economics, Elsevier, vol. 157(C), pages 92-99.
    5. Wesley Burnett, J. & Mothorpe, Christopher, 2021. "Human-induced earthquakes, risk salience, and housing values," Resource and Energy Economics, Elsevier, vol. 63(C).
    6. Liu, Xian & Noonan, Douglas, 2022. "Building underwater: Effects of community-scale flood management on housing development," Journal of Housing Economics, Elsevier, vol. 57(C).
    7. Mona Ahmadiani & Susana Ferreira & Craig E. Landry, 2019. "Flood Insurance and Risk Reduction: Market Penetration, Coverage, and Mitigation in Coastal North Carolina," Southern Economic Journal, John Wiley & Sons, vol. 85(4), pages 1058-1082, April.
    8. Jenna Tyler & Abdul-Akeem Sadiq & Douglas S. Noonan, 2019. "A review of the community flood risk management literature in the USA: lessons for improving community resilience to floods," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 96(3), pages 1223-1248, April.
    9. Craig E. Landry & Dylan Turner & Daniel Petrolia, 2021. "Flood Insurance Market Penetration and Expectations of Disaster Assistance," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 79(2), pages 357-386, June.
    10. Ren, Yongwang, 2022. "The Spillover Effect of The Community Rating System," 2022 Annual Meeting, July 31-August 2, Anaheim, California 322071, Agricultural and Applied Economics Association.

    More about this item

    JEL classification:

    • H44 - Public Economics - - Publicly Provided Goods - - - Publicly Provided Goods: Mixed Markets
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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