Emily A. Gallagher

Emily A. Gallagher

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Comparing areas with and without flood insurance after Hurricane Harvey, this study finds evidence that mandatory flood insurance programs mitigated financial shocks where applicable. However, despite lender forbearances, federal disaster grants, and small business disaster loans, credit-constrained homeowners who lived in areas not subject to flood insurance mandates experienced a 20% increase in bankruptcies and a 13% increase in the share of debt in severe delinquency in flooded blocks relative to non-flooded areas.