Property Insurance and Disaster Risk: New Evidence from Mortgage Escrow Data

We thank Dani Bauer, Juliane Begenau, Sid Biswas, Ben Collier, Ty Leverty, Dan Sacks, Pari Sastry, Joan Schmit, Varun Sharma, Ishita Sen, and Ana-Maria Tenekedjieva for their helpful comments. We thank seminar and conference participants at the Treasury OCC, Fannie Mae, Federal Reserve Bank of Chicago, Federal Reserve Bank of Richmond, Freddie Mac, HUD, NBER Real Estate Summer Institute, St. John’s University, BYU, the FHFA Fall Economic Summit, SIPA-FRBNY Environmental Economics and Policy Conference, Stanford, the Urban Institute, Wharton, and the Wisconsin School of Business for their thoughtful suggestions. Fabio Cardoso Schanaider, Octavio Elias de Lima, Declan Mirabella, and Joshua Boyd provided outstanding research assistance. We thank Jeremy Porter and the First Street Foundation for data provision and guidance. Keys thanks the Wharton ESG Initiative’s Research Fund, ESG Initiative Climate Center, and the Research Sponsors of the Zell/Lurie Real Estate Center for support. Any remaining errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• June 12, 2024