Since Hurricane Harvey, we’ve learned why some buy flood insurance and some don’t —...
A military all-terrain vehicle pushes into floodwaters in June 2018 in Weslaco after heavy rains along the Texas coast caused flooding in areas that were hit hard by Hurricane Harvey less than a year before.Since Hurricane Harvey hit Texas in 2017, the flood insurance market has continued to evolve.
When Harvey struck Houston, fewer than 20 percent of Houston homeowners had flood insurance. Less than 2 percent of people who live outside flood zones nationwide buy flood insurance. That is despite the fact that about one in four flood insurance claims come from areas outside designated flood zones.National Flood Insurance Program
One important factor explored by Dimuthu Ratnadiwakara of Louisiana State University and Buvaneshwaran Venugopal of the University of Central Florida in their 2020 paper “” is that a belief in climate change correlates with a higher probability of buying flood insurance. So when I see a flood in Florida via my Facebook network, I’m more likely to buy flood insurance in Texas. Again, this is pretty intuitive, but also not entirely rational. A devastating hurricane in Florida in 2022 does not particularly imply a hurricane in Texas causing flooding became more likely.These findings are consistent with other things we know about behavioral finance. I interpret this as a further example of the fact that humans are highly social creatures.
A close friend of mine who worked for the Federal Emergency Management Agency for three months in Houston in the aftermath of Harvey felt strongly that we should buy it. I was certainly influenced by his views.
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