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Expanding the National Flood Insurance Program to Cover Coastal Erosion Damage

Author

Listed:
  • Keeler, Andrew
  • Kriesel, Warren
  • Landry, Craig

Abstract

This paper uses the results of a nationwide survey of coastal property owners to estimate the demand for insurance against erosion damage. The National Flood Insurance Program (NFIP) does not technically cover such damage, although in practice there is considerable uncertainty about this point. The ability to insure against such losses has implications for the choice of beach management strategies and for NFIP management. We find significant demand for insurance at prices in the range of current flood insurance premiums, although median willingness to pay appears to be less than the cost of providing such insurance.

Suggested Citation

  • Keeler, Andrew & Kriesel, Warren & Landry, Craig, 2003. "Expanding the National Flood Insurance Program to Cover Coastal Erosion Damage," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 35(3), pages 639-647, December.
    • Handle: RePEc:cup:jagaec:v:35:y:2003:i:03:p:639-647_02
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    JEL classification:

    • Q24 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Land
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • H41 - Public Economics - - Publicly Provided Goods - - - Public Goods

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