Variable Descriptions and Summary Statistics (805 Observations)
Variable | Type | Description | Mean | Std. Dev. | Min. | Max. | Expected Sign |
---|---|---|---|---|---|---|---|
Policy (dependent variable) | Binary | = 1 if holds flood insurance policy; = 0 otherwise | 0.36 | 0.02 | 0 | 1 | |
Future storms | Continuous | Expected number of future Cat 3 or greater storms over next 50 years | 6.86 | 10.39 | 0 | 90 | + |
Future damage | Ordered categorical | Expected proportion of damage to home given Cat 3 storm; ranges from 0 (no damage) to 10 (total loss) | 3.38 | 2.25 | 0 | 10 | + |
Risk averse (gain) | Continuous | Number of instances where low-variance risk was chosen over gain domain; ranges from 0 (risk loving) to 5 (risk averse) | 2.96 | 1.43 | 0 | 5 | + |
Risk averse (loss) | Continuous | Number of instances where low-variance risk was chosen over loss domain; ranges from 0 (risk loving) to 5 (risk averse) | 2.93 | 1.36 | 0 | 5 | + |
Disaster assistance | Binary | = 1 if perceived likelihood of eligibility for postdisaster payments rated ≥ 3 on scale from 1 (very likely) to 5 (very unlikely), = 0 otherwise | 0.58 | 0.49 | 0 | 1 | |
Insurer credibility | Binary | = 1 if perceived confidence that insurance co. will pay full amount of claims in event of major storm is ≥ 3 on scale from 1 (no conf.) to 5 (full conf.), = 0 otherwise | 0.67 | 0.47 | 0 | 1 | + |
No. flood events | Continuous | Number of flood events experienced in past | 0.09 | 0.47 | 0 | 7 | + |
Coastal tenure | Continuous | Number of decades living on the Gulf or Florida Atlantic Coast | 2.86 | 1.86 | 0 | 8 | +/- |
Distance | Continuous | Distance (km) from nearest shoreline | 16.34 | 18.25 | 0 | 172 | - |
Mortgage | Binary | = 1 if home is mortgaged, = 0 otherwise | 0.64 | 0.48 | 0 | 1 | + |
SFHA | Binary | = 1 if A or V zone; = 0 otherwise | 0.15 | 0.36 | 0 | 1 | + |
Mortgage × SFHA | Binary | = 1 if home is mortgaged AND in A or V zone; = 0 otherwise | 0.09 | 0.29 | 0 | 1 | + |
Pre-FIRMa | Binary | = 1 if pre-FIRM; = 0 otherwise | 0.42 | 0.49 | 0 | 1 | +/- |
Income | Ordered categorical | Income categories; from “less than $5,000” up to “$175,000 or more” | 12.18 | 3.93 | 1 | 19 | + |
Other property | Binary | = 1 if owns other noncoastal property in excess of $100,000, = 0 otherwise | 0.06 | 0.25 | 0 | 1 | +/- |
Florida | Binary | = 1 if resident of Florida; = 0 otherwise | 0.61 | 0.49 | 0 | 1 | +/- |
CRS | Ordered categorical | CRS score; ranges from 5 to 10 | 7.09 | 1.52 | 5 | 10 | +/- |
Florida × CRS | Ordered categorical | = CRS score IF resident of Florida; = 0 otherwise | 4.16 | 0.12 | 0 | 10 | +/— |
Hispanic | Binary | = 1 if Hispanic; = 0 otherwise | 0.10 | 0.29 | 0 | 1 | +/— |
Male | Binary | = 1 if male; = 0 otherwise | 0.45 | 0.50 | 0 | 1 | +/— |
Kids | Binary | = 1 if children in household; = 0 otherwise | 0.26 | 0.44 | 0 | 1 | + |
Mobile home | Binary | = 1 if mobile home; = 0 otherwise | 0.05 | 0.21 | 0 | 1 | +/— |
Note: CRS, Community Ratings System; FIRM, Flood Insurance Rate Maps; SFHA, Special Flood Hazard Area.
↵a Summary statistics for Pre-FIRM based on 729 observations.