Global & Disaster Medicine

Houston: Why do so few people buy flood insurance?

September 15th, 2017

RAND

“….here are multiple reasons why homeowners do not buy flood insurance voluntarily. Research has shown that people tend to ignore low-probability risks. People may also expect government assistance. And some people think that they have flood insurance when they do not. Our recent work in New York City found that 16 percent of homeowners who thought they had flood insurance actually did not—and that is in an area that recently experienced massive flooding. Finally, some households may find it difficult to afford flood insurance. We found that the purchase of flood insurance is financially burdensome for a quarter of homeowners in the high-risk flood zones in New York City….”

 

This entry was posted on Friday, September 15th, 2017 at 3:33 am and is filed under Flood .
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