Allâ€ Hazards Homeowners Insurance: Challenges and Opportunities
Risk Management and Insurance Review, 2018, vol. 21, issue 1, 141-155
In the United States, standard homeowners insurance policies cover damages resulting from fire, wind, and hail, but exclude damages caused by floods and earthquakes. This is not the practice worldwide: several countries include all perils in homeowners insurance. Building on two fundamental insurance principlesâ€”that premiums reflect risk and that support for lowâ€ income households come from public funding, not insurance premium subsidiesâ€”this article proposes a strategy for developing an allâ€ hazards homeowners insurance policy in the United States that should be attractive to both private insurers and property owners. It outlines critical supporting roles for the public sector and proposes modifications to the National Flood Insurance Program that could provide a foundation for allâ€ hazards insurance.
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Persistent link: https://EconPapers.repec.org/RePEc:bla:rmgtin:v:21:y:2018:i:1:p:141-155
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