Global S&T Development Trend Analysis Platform of Resources and Environment
What's at Stake? Understanding the Role of Home Equity in Flood Insurance Demand | |
Yanjun Liao and Philip Mulder | |
2021-08-17 | |
出版年 | 2021 |
国家 | 美国 |
领域 | 资源环境 |
英文摘要 | Millions of properties are exposed to increasing threats from natural disasters. Yet, many at-risk homes are uninsured against the costliest disaster: flooding. We show that low home equity is an important driver of low flood insurance take-up. To isolate the causal effect of home equity on flood insurance demand, we exploit price changes over the housing boom and bust. Insurance take-up follows house price dynamics closely, with a home price elasticity around 0.3. Multiple mechanism tests suggest that mortgage default acts as implicit disaster insurance. As a result, households do not fully internalize their disaster risk. Click "Download" above to read the full paper. |
URL | 查看原文 |
来源平台 | Resources for the Future |
文献类型 | 科技报告 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/336057 |
专题 | 资源环境科学 |
推荐引用方式 GB/T 7714 | Yanjun Liao and Philip Mulder. What's at Stake? Understanding the Role of Home Equity in Flood Insurance Demand,2021. |
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