ABSTRACT:Traditional procedures for evaluating flood damages to residential dwellings do not reflect intrinsic values when applied to historic homes. Such structures are worth more than that determined by using depth‐damage curves provided by insurance companies who assess damage values based upon current labor and material costs. The evaluation of the worth of a historic home and subsequent damages due to inundation can be regarded as a problem of externalities. An assessment technique reflecting historic amenities or what has been termed replication cost is proposed in this paper. Replication costs would have widespread use not only in solving flood dammage problems, but also in any study where historic entities are subject to damages from catastrophies such as hurricanes, soil and beach erosion, and increasing urbanization. If adopted as a technique, it would enhance and preserve the ever‐decreasing enclaves of historic homes and neighborho
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