This research uses an integrated modeling framework that includes, homeowners, insurance carriers and government as stakeholders to examine the impact of government policies intended to reduce hurricane risk. Our modeling framework aligns with natural decision-making of homeowners, accommodates a viable and sustainable insurance market, includes a combination of risk management and loss reduction measures and seeks to address the dual goals of regional economic prosperity and equity. We examine the outcome of policy interventions (insurance subsidies, retrofit grants, and buyouts) using measures of structural losses by income groups and economic effects under different policy scenarios. Budget-constrained homeowners make mitigation decisions and insurance decisions subject to government policy. The interaction between homeowners and profit-maximizing insurers within the insurance market is depicted in a game-theoretic framework constrained by government policy. Policy interventions are means- and risk-adjusted to improve efficacy and equity. When insurance, retrofits, and acquisitions are integrated and low-income homeowners are supported, insurance premium prices fall, regional gross domestic product (GDP) recovers more quickly and completely, and household recovery is more evenly distributed.