IDEAS home Printed from https://ideas.repec.org/p/rff/dpaper/dp-17-08.html
   My bibliography  Save this paper

All-Hazards Homeowners Insurance: Challenges and Opportunities

Author

Listed:
  • Kunreuther, Howard

    (Risk Management and Decision Processes Center, Wharton School, University of Pennsylvania)

Abstract

In the United States, standard homeowners insurance policies cover damages resulting from fire, wind, and hail, but exclude damages caused by floods and earthquakes. This is not the practice worldwide: several countries include all perils in homeowners insurance. Building on two fundamental insurance principles—that premiums reflect risk and that support for low-income households come from public funding, not insurance premium subsidies—this paper proposes a strategy for developing an all-hazards homeowners insurance policy in the US that should be attractive to both private insurers and property owners. It outlines critical supporting roles for the public sector and proposes modifications to the National Flood Insurance Program that could provide a foundation for all-hazards insurance.

Suggested Citation

  • Kunreuther, Howard, 2017. "All-Hazards Homeowners Insurance: Challenges and Opportunities," RFF Working Paper Series dp-17-08, Resources for the Future.
    • Handle: RePEc:rff:dpaper:dp-17-08
    as

    Download full text from publisher

    File URL: http://www.rff.org/RFF/documents/RFF-DP-17-08.pdf
    Download Restriction: no
    ---><---

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:rff:dpaper:dp-17-08. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Resources for the Future (email available below). General contact details of provider: https://edirc.repec.org/data/rffffus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.