Title page
Contents
Abstract 5
1. Introduction 6
2. Background 9
2.1. NFIP 9
2.2. CRS 10
3. Data 12
3.1. CRS 12
3.2. Flood Events 13
3.3. Socioeconomic Conditions 14
4. Empirical Framework 14
5. Results 15
5.1. The Effect of Flooding on CRS Participation 15
5.2. Dynamic Effects 19
5.3. The Role of Community Capacity 19
6. Concluding Remarks 22
References 24
Appendix 29
A. Additional Figures and Tables 29
B. CRS Points Conversion Procedure 34
Table 1. CRS activities and average scores 11
Table 2. CRS class designation and insurance discount 12
Table 3. The effect of flood events on CRS points in aggregate categories 16
Table 4. The effect of flood events on CRS participation: extensive vs. intensive margin 17
Table 5. Heterogeneous effects by community capacity 20
Table 6. Heterogeneous effects: extensive vs. intensive margin 21
Figure 1. CRS participating communities and their total points in 2019 10
Figure 2. Cumulative flood events between 1998 and 2019 13
Figure 3. Event study estimates on CRS total points 18
Figure 4. Event study estimates on CRS participation: Extensive vs. intensive margin 19
Table A1. Summary statistics: NFIP community panel 31
Table A2. The effect of flood events on CRS points by activity (intensive margin) 32
Table A3. Heterogeneous effects across activities (metro counties, intensive margin) 33
Figure A1. 2013 Rural-Urban Continuum Codes Map 29
Figure A2. Event study estimates by aggregate categories 30