TABLE 3

Variable Descriptions and Summary Statistics (805 Observations)

VariableTypeDescriptionMeanStd. Dev.Min.Max.Expected Sign
Policy (dependent variable)Binary= 1 if holds flood insurance policy; = 0 otherwise0.360.0201
Future stormsContinuousExpected number of future Cat 3 or greater storms over next 50 years6.8610.39090+
Future damageOrdered categoricalExpected proportion of damage to home given Cat 3 storm; ranges from 0 (no damage) to 10 (total loss)3.382.25010+
Risk averse (gain)ContinuousNumber of instances where low-variance risk was chosen over gain domain; ranges from 0 (risk loving) to 5 (risk averse)2.961.4305+
Risk averse (loss)ContinuousNumber of instances where low-variance risk was chosen over loss domain; ranges from 0 (risk loving) to 5 (risk averse)2.931.3605+
Disaster assistanceBinary= 1 if perceived likelihood of eligibility for postdisaster payments rated ≥ 3 on scale from 1 (very likely) to 5 (very unlikely), = 0 otherwise0.580.4901
Insurer credibilityBinary= 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 otherwise0.670.4701+
No. flood eventsContinuousNumber of flood events experienced in past0.090.4707+
Coastal tenureContinuousNumber of decades living on the Gulf or Florida Atlantic Coast2.861.8608+/-
DistanceContinuousDistance (km) from nearest shoreline16.3418.250172-
MortgageBinary= 1 if home is mortgaged, = 0 otherwise0.640.4801+
SFHABinary= 1 if A or V zone; = 0 otherwise0.150.3601+
Mortgage × SFHABinary= 1 if home is mortgaged AND in A or V zone; = 0 otherwise0.090.2901+
Pre-FIRMaBinary= 1 if pre-FIRM; = 0 otherwise0.420.4901+/-
IncomeOrdered categoricalIncome categories; from “less than $5,000” up to “$175,000 or more”12.183.93119+
Other propertyBinary= 1 if owns other noncoastal property in excess of $100,000, = 0 otherwise0.060.2501+/-
FloridaBinary= 1 if resident of Florida; = 0 otherwise0.610.4901+/-
CRSOrdered categoricalCRS score; ranges from 5 to 107.091.52510+/-
Florida × CRSOrdered categorical= CRS score IF resident of Florida; = 0 otherwise4.160.12010+/—
HispanicBinary= 1 if Hispanic; = 0 otherwise0.100.2901+/—
MaleBinary= 1 if male; = 0 otherwise0.450.5001+/—
KidsBinary= 1 if children in household; = 0 otherwise0.260.4401+
Mobile homeBinary= 1 if mobile home; = 0 otherwise0.050.2101+/—
  • 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.