One in 10 homes could become uninsurable by 2035, analyst warns
2 months, 2 weeks ago

One in 10 homes could become uninsurable by 2035, analyst warns

ABC  

One in 10 properties in Australia are expected to be uninsurable within the next decade, according to climate change risk analysis modelling. 'It's going to get a lot worse' Community lawyer Denis Nelthorpe said home owners in rural and regional Australian areas prone to extreme weather events had been priced out of the market. Mortgage prisoners Dr Mallon said as more houses became uninsurable, property values would crash as people struggled to sell homes in what he deemed high-risk zones. "That means that someone who's got a property in a high-risk zone is going to be unable to sell that property," Dr Mallon said. "Unfortunately, we're seeing that the victims of these problems, whether they're in Lismore or Shepparton or Gippsland or Perth, not only is their insurance costs going up, but they're essentially having to look at the cost of adaptation on their own," Dr Mallon said.

Climate Change Insurance Australia Climate Going Mallon Uninsurable Dr Mallon Nelthorpe  la  2035  mallon  climate  lower  property  uninsurable  insurance  australia  warns  going  premiums  analyst  homes

History of this topic

Climate change means 1 in 25 homes could become uninsurable by 2030, report warns
2 years, 10 months ago

Climate change means 1 in 25 homes could become uninsurable by 2030, report warns

ABC  

About one in 25 Australian homes are at high risk of becoming effectively uninsurable by 2030, according to a new Climate Council report based on analysis by a climate risk assessment group. The report authors warn that Australia is heading for an "insurability crisis" as climate change increases the risk of worse weather extremes, resulting in "skyrocketing" insurance premiums. Strathbogie …

Tens of billions of dollars' worth of property facing climate and erosion risk, analysis shows
3 years ago

Tens of billions of dollars' worth of property facing climate and erosion risk, analysis shows

ABC  

Storm surges, rising sea levels and beach erosion could threaten $25 billion worth of Australian residential properties over the next 30 years, according to an analysis of coastal hazard data. Key points: CoreLogic estimates $5.3 billion worth of properties are at very high risk from climate change, and another $19.5 billion are at high risk A significant concentration of residential …

The climate change risks to think about before you buy property
5 years, 4 months ago

The climate change risks to think about before you buy property

ABC  

"It's buyer beware, and these are not abstract risks." "Personally, I don't think anyone should buy a house without checking for extreme weather and climate change risks," he says. If current trends continue, climate scientists expect sea levels to rise one metre on average by the end of century, which would see many properties in low-lying coastal areas frequently flooded. …

Climate change risks threaten home values
8 years, 10 months ago

Climate change risks threaten home values

ABC  

Property owners in Australian coastal areas face significant and increasing losses from the impact of climate change, according to a report out today. Climate Institute chief executive John Connor said more than 2 per cent of all houses are already exposed to moderate to extreme risks of flooding. "Growing climate impacts mean the costs of these and other hazards exacerbated …

Discover Related