Financial Ability to Withstand Disaster: Homeowner Insurance Coverage in Coastal Florida

Researchers hope to cover a broad range of questions related to financial preparedness in the event of hurricanes. The ultimate aim is to present findings that speak to financial resilience which local and state decision-makers can use in their long-range disaster planning. In addition to the basic questions of coverage and deductibles, findings will be utilized to address the following:

  • What proportion of assessed and actual value is covered by homeowner insurance?
  • Do homeowners have “self-insurance” in the form of home equity lines or saving accounts dedicated to post-disaster recovery?
  • Are condominium or town house owners insuring their units?
  • Are renters insuring their contents?
  • Is there an embedded laissez faire attitude among home or condominium owners that homes are disposable commodity facing write-down after serious disaster, i.e., a fatalistic culture versus a culture of renewal.
  • Do respondents perceive an implicit state-federal “bailout” via FEMA or other instrumentality, suggesting a government-induced moral hazard?

Researchers also intend on presenting these findings at an upcoming Metro Forum and will also target findings for the Journal of Public Budgeting, Accounting & Financial Management or the Journal of Homeland Security and Emergency Management. The proposed research will commence in Spring 2013.

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