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Flood Insurance Penetration PDF Print E-mail

FLOOD INSURANCE PENETRATION

According to a RAND Corporation study conducted for the Federal Emergency Management Agency, about 49 percent of single-family homes in special flood hazard areas (SFHAs) nationwide are covered by flood insurance from the National Flood Insurance Program. In the South and West the percentage is about 60 percent. Outside of the high- risk areas there is a steep drop-off in coverage. Only about 1 percent of homeowners in non-SFHAs purchase the coverage. Homes located in SFHAs that have mortgages from federally insured or regulated lenders must purchase flood insurance, under federal law.

 

MARKET PENETRATION RATE OF FEDERAL FLOOD INSURANCE FOR SINGLE FAMILY HOMES, 2004 (1)


Location
Market penetration rate (percent)
Inside SFHAs (2)  
     Northeast    28.0%
     South    61.0
     Midwest    22.0
     West    60.0
     Total U.S.    49.0
Outside SFHAs (2)   
     Northeast    0.6
     South    3.0
     Midwest    0.4
     West    1.0
     Total U.S.    1.0

(1) Projected, based on “address matching” analysis by RAND.
(2) Special Flood Hazard Areas.

Source: RAND.

 

FLOOD INSURANCE IN THE TOP 75 COUNTIES, RANKED BY MARKET PENETRATION RATE, 2005


Rank
County
State
Residential policies in force  at end of year
Total single family homes in 2004 (1)
Market penetration rate (Percent)
1 Jefferson Parish Louisiana 105,615 131,883 84.0%
2 Walton County Florida 13,919 17,454 81.5
3 Broward County Florida 402,964 516,584 80.0
4 Collier County Florida 76,199 100,259 78.7
5 Lee County Florida 135,324 181,331 77.1
6 Galveston County Texas 56,495 79,505 74.1
7 Glynn County Georgia 15,232 22,976 69.6
8 St. Bernard Parish Louisiana 13,874 21,010 68.4
9 Miami-Dade County Florida 378,708 574,616 68.1
10 Orleans Parish Louisiana 76,966 121,730 66.7
11 Carteret County North Carolina 14,205 22,616 65.9
12 St. Charles Parish Louisiana 9,625 15,153 65.5
13 St. Johns County Florida 31,236 51,820 62.4
14 Charlotte County Florida 37,363 65,488 59.0
15 St. Tammany Parish Louisiana 37,284 68,729 56.2
16 Horry County South Carolina 36,904 73,514 51.6
17 Indian River County Florida 22,371 47,134 49.6
18 Bay County Florida 23,639 51,022 48.0
19 Brunswick  County North Carolina 13,904 31,449 46.3
20 Nassau County Florida 8,887 20,836 44.4
21 Berkeley County South Carolina 17,525 44,339 42.8
22 Pinellas County Florida 128,583 323,781 42.8
23 Brazoria County Texas 29,953 76,338 42.0
24 Chatham County Georgia 27,734 68,708 41.9
25 Terrebonne Parish Louisiana 12,133 31,858 40.1
26 Baldwin County Alabama 21,253 54,414 39.8
27 Sarasota County Florida 55,194 142,906 39.7
28 Palm Beach County Florida 154,081 404,960 39.2
29 Charleston County South Carolina 37,778 99,950 39.1
30 Manatee County Florida 41,335 109,674 38.7
31 Martin County Florida 18,910 52,301 37.2
32 Atlantic County New Jersey 27,869 78,444 36.5
33 Lafourche Parish Louisiana 10,043 29,171 36.2
34 Okaloosa County Florida 18,935 57,576 34.2
35 Georgetown County South Carolina 6,564 20,946 33.0
36 Flagler County Florida 8,759 27,722 32.1
37 Maui County Hawaii 11,563 38,618 30.6
38 Livingston Parish Louisiana 9,143 33,835 28.3
39 Brevard County Florida 49,466 184,495 27.6
40 Sussex County Delaware 16,160 61,556 27.0
41 Volusia County Florida 42,761 168,616 26.8
42 St. Lucie County Florida 20,890 80,907 26.4
43 Jefferson County Texas 18,528 74,208 26.1
44 Hampton,Independent City Of Virginia 10,082 40,515 25.4
45 Ocean County New Jersey 48,336 195,555 25.3
46 Harris County Texas 209,146 862,472 25.2
47 Pasco County Florida 32,575 144,098 23.4
48 Bossier Parish Louisiana 6,989 31,691 23.3
49 New Hanover County North Carolina 12,043 56,533 22.1
50 Bronx County New York 19,761 94,501 21.7
51 Cameron County Texas 13,337 71,064 21.6
52 Fort Bend County Texas 22,407 112,805 20.9
53 Santa Rosa County Florida 9,059 45,914 20.1
54 Harrison County Mississippi 9,900 55,761 19.1
55 Jackson County Mississippi 7,423 42,081 18.3
56 Norfolk, Independent City Of Virginia 9,136 53,143 17.8
57 Hillsborough County Florida 55,600 327,376 17.7
58 Lafayette Parish Louisiana 9,579 57,678 17.5
59 East Baton Rouge Parish Louisiana 18,461 116,035 16.7
60 Virginia Beach, Independent City Virginia 20,907 131,023 16.3
61 Escambia County Florida 14,883 98,093 15.8
62 Honolulu County Hawaii 32,420 212,760 15.6
63 Sacramento County California 56,323 378,524 15.4
64 Calcasieu Parish Louisiana 8,004 58,225 14.5
65 Montgomery County Texas 12,680 94,717 14.0
66 Citrus County Florida 6,548 53,436 13.3
67 Merced County California 6,827 55,752 12.9
68 Chesapeake, Independent City O Virginia 7,664 62,490 12.6
69 Osceola County Florida 6,903 61,007 11.7
70 Hudson County New Jersey 9,320 83,463 11.6
71 Duval County Florida 25,924 238,658 11.3
72 Barnstable County Massachusetts 8,427 87,506 10.2
73 Marin County California 6,372 74,514 9.3
74 Tulare County California 8,447 98,042 9.1
75 Monmouth County New Jersey 15,331 188,377 8.5

(1) Based on 2004 census data of all single family homes, both owner-occupied and renter-occupied. If county or parish was not surveyed in 2004, the number of single-family homes was estimated based on 2000 census data and on overall growth in the county or parish.

Note: List includes 75 counties or parishes that sold the highest number of flood insurance policies. A few counties were not included in the ranking because reliable estimate of single-family homes could not be obtained.

Sources: National Flood Insurance Program, U.S. Census Bureau, Staff Research By New Orleans Times-Picayune.

 
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