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Wiley InterScience | ||||||||||||||
  Journal of Risk and InsuranceVolume 75 Issue 1, Pages 63 - 82 Published Online: 5 Mar 2008 © 2010 The American Risk and Insurance Association. Published on behalf of the American Risk and Insurance Association
Abstract | References | Full Text: HTML, PDF (Size: 151K) | Related Articles | Citation Tracking 
Flood Hazards, Insurance Rates, and Amenities: Evidence From the Coastal Housing Market
The authors can be contacted via e-mail: bino@ecu.edu, krusej@ecu.edu, and landryc@ecu.edu. The authors thank an anonymous referee for valuable comments. Philip Letsinger provided useful discussions on the North Carolina floodplain mapping program, and Greg Meyer furnished helpful research assistance. Copyright 2008 The American Risk and Insurance Association. ABSTRACTThis study employs the hedonic property price method to examine the effects of flood hazard on coastal property values. We utilize Geographic Information System data on National Flood Insurance Program flood zones and residential property sales from Carteret County, North Carolina. Our results indicate that location within a flood zone lowers property value. Price differentials for flood risk and the capitalized value of flood insurance premiums are roughly equivalent—both exhibiting a nonlinear relationship in flood probability. Our results support the conclusion that flood zone designation and insurance premiums convey risk information to potential buyers in the coastal housing market. | 
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