Saturday, April 17, 2010

PROPERTY TIP: Buy in climate-change proof areas

A federal government investigation warns that up to 62,000 NSW coastal homes could be devastated by flooding if climate change predictions come to fruition.
Homes in the Lake Macquarie, Wyong, Gosford, Wollongong, and Shoalhaven areas, along with the Rockdale council area of Sydney, would be most at risk.
The ‘worst-case scenario’ report envisions a cataclysmic combination of sea levels that have been increased 1.1 metres by rising global temperatures meeting a ‘perfect storm’ – a powerful east coast low-pressure system. In such a case, flood devastation would ensue.
Low-lying areas like the Gold Coast are also at risk, yet the problem is not just related to the sea level the property is on - it's also about coastline and local storm flooding patterns.
It's not an easy thing to factor in, but if you want your property to remain insured for flood and storm damage, it might be best to avoid flood-prone coastal locations.
Insurance companies are already assessing the risks of climate change and several university professors are saying it is likely that insurers will eventually refuse to insure properties in high-risk areas.

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