Abstract
AbstractIn March 2014, Congress passed legislation delaying the phasing-in of premium increases on discounted flood insurance policies that had been authorized in July 2012 by the Biggert-Waters Flood Insurance Reform Act. This reversal highlights the tension between the realization of risk-based premiums and affordability of flood insurance for homeowners in flood-prone areas. This study on Charleston County, South Carolina, seeks to understand how the tension can be resolved using a voucher program coupled with required mitigation. It specifically focuses on home elevation as the mitigation method. This paper demonstrates a potential average increase of 108 to 159% for high-risk single-family properties in Special Flood Hazard Areas in Charleston moving from a current discounted premium to a full risk-based premium as proposed by the 2012 legislation. Implementation of the proposed voucher program coupled with required mitigation can reduce government expenditures by more than half over a program that d...
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
