PT  - JOURNAL ARTICLE
AU  - Ando, Amy W
AU  - Reeser, Collin
TI  - Homeowner Willingness to Pay for a Pre-Flood Agreement for a Post-Flood Buyout
AID  - 10.3368/le.98.4.052721-0056
DP  - 2022 Jan 28
TA  - Land Economics
PG  - 052721-0056
4099  - http://le.uwpress.org/content/early/2022/01/20/le.98.4.052721-0056.short
4100  - http://le.uwpress.org/content/early/2022/01/20/le.98.4.052721-0056.full
AB  - Homeowner buyout programs promote climate adaptation efforts by removing homes from flood plains. We estimate homeowner willingness to pay (WTP) for a novel agreement in which they pre-commit to relocating if a flood severely damages their home in exchange for an expedited buyout process. We find nearly all respondents identified positive WTP to enroll in this program, with average WTP about $600. Factors like flood risk and expectation of neighbors’ responses significantly affect WTP. If the pre-flood agreement is available only if the homeowner has flood insurance, only 68% of homeowners were willing to accept the agreement.