We use survey data to assess coastal residents’ willingness to accept (WTA) a property buyout and willingness to pay (WTP) to rent back their property from the state government after a buyout (obviating financial risk of property loss). Placing property loss risk in the expected utility framework, we implicitly define WTA and WTP as a function of flood experience, risk perception, risk preference, affect (worry), income, wealth, and other factors. We utilize univariate and bivariate probit and Cragg models to analyze the data. Cragg model results indicate risk perceptions, economic outlook, and risk aversion influence the probability to accept a buyout or rent back. WTA/sqft is increasing in house age, income, wealth, and risk tolerance and decreasing in negative economic outlook and risk aversion. WTP/sqft is increasing in income. We present a foundation for structural estimation and explore policy implications.