Moving the Needle on Closing the Flood Insurance Gap

In October 2018, the Wharton Risk Center’s Policy Incubator hosted a workshop designed to evaluate policy options for expanding the number of people with flood insurance in the United States. In our most recent issue brief, we present seven approaches that workshop participants felt had the potential to generate substantial increases in take-up rates across the country.Read More

How Insurance Companies Influence Households’ Flood Insurance Choices

Households face a high-stakes problem in selecting an insurance contract. How much coverage should they buy? What deductible should they choose? The household must weigh premiums paid today against losses from an unlikely – but possibly catastrophic – future event such as a flood. Often, the household has never experienced the insured event and may know little about its likelihood.Read More

Local Solutions to Flood Insurance Affordability: Portland’s Flood Insurance Savings Program

In a new issue brief, we examine Portland’s Flood Insurance Savings Program in detail, discussing its structure, participants, and impact on flood insurance premiums. We also identify lessons learned that may be useful to other communities struggling with flood insurance affordability and to policymakers considering NFIP reform.Read More

The 3 Maps That Explain Residential Flood Insurance Purchases

While take-up rates in many parts of the country remain low for flood insurance, there are places where many households are insured and, surprisingly, places where most flood insurance is purchased outside of the FEMA-mapped high-risk areas. We offer three findings about residential NFIP purchases as demonstrated in three maps.Read More

Oregon Improves Agent Knowledge of Flood Insurance

For many people, their insurance agent is the person they turn to for advice on flood insurance. But many insurance agents do not understand flood insurance either. Last month, Oregon became the fifth state in the country to try and improve insurance agent understanding about flood insurance by creating a flood-specific continuing education requirement. Read More