Cover: The Lender-Placed Flood Insurance Market for Residential Properties

The Lender-Placed Flood Insurance Market for Residential Properties

Published May 2, 2007

by Lloyd Dixon, Noreen Clancy, Bruce Bender, Patricia K. Ehrler


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The National Flood Insurance Program (NFIP), a part of the U.S. Federal Emergency Management Agency (FEMA), provides the majority of flood insurance on residential properties in the United States. While insurance agents sell nearly all NFIP policies through private insurance companies, the federal government still underwrites them. Flood insurance is also available from private insurers that underwrite it themselves and assume the risk. However, little systematic information is available about the size of the private market, how the policies that private insurers offer compare with those that the NFIP offers, or the reasons buyers choose private market policies over federal program policies. This report provides information in each of these three areas.

The research described in this report was sponsored by the Mitigation Division of the Federal Emergency Management Agency and was conducted as a joint effort of the Environment, Energy, and Economic Development Program (EEED) within RAND Infrastructure, Safety, and Environment (ISE) and of the RAND Institute for Civil Justice (ICJ).

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