Insurance is our least favourite thing to pay for! However, as we experience extreme changes in weather patterns and increased damage to our homes, insurers will and already have raised premiums significantly to cover the surge in the cost of claims.
Between supply shortages, inflated material prices and a lack of workers, costs are increasing more than ever before. This is having a flow on effect to home owners and builders. As a result, insurance is going to become increasingly unaffordable or unavailable in parts of Australia.
According to a report completed by The Climate Council, across Australia approximately 520,940 properties, or one in every 25, will be ‘high risk’ by 2030 and either uninsurable or prohibitively expensive to insure for certain events such as flooding or bushfires.
The report listed the top 10 federal electorates most at-risk from climate change and extreme weather events as:
– 1. Nicholls (Vic)
– 2. Richmond (NSW)
– 3. Maranoa (QLD)
– 4. Moncrieff (QLD),
– 5. Wright (QLD),
– 6. Brisbane (QLD),
– 7. Griffith (QLD),
– 8. Indi (Vic)
– 9. Page (NSW) and
– 10. Hindmarsh (SA).
• In these at-risk electorates, 15% of properties (165,646) or around one in every seven properties will be uninsurable this decade.
• In the electorate of Nicholls in Victoria, which covers the Local Government Areas (LGAs) of Campaspe, Greater Shepparton, Moira, and parts of Strathbogie and Mitchell, 26.5% of properties will be uninsurable (or prohibitively expensive to insure) by 2030. In the LGA of Greater Shepparton, it is as many as half (56% of properties), and almost 90% in the locality of Shepparton.
• By 2030, 40 federal electorates across Australia will have 4% of properties classified as ‘high risk. Eighteen of these electorates (or 45%) are in Queensland. The top five most at-risk electorates in Queensland are: Maranoa, Moncrieff, Wright, Brisbane and Griffith.
• The percentage of properties that will be uninsurable (or prohibitively expensive to insure) by 2030 in each state and territory is 6.5% in Queensland; 3.3% in NSW; 3.2% in South Australia; 2.6% in Victoria; 2.5% in the Northern Territory; 2.4% in Western Australia; 2% in Tasmania and 1.3% in the ACT.
Read this eye opening report in full here.
Whats the risk where you live? Find out with The Climate Councils Risk Map here.
What can you do?
Prepare now by future proofing your home! It could lower your insurance renewal premiums, provide protection for you and your family, reduce home maintenance costs and leave you with peace of mind.
What does future proofing your home involve?
It requires the right advice from an experienced Environmentally Sustainable Design (ESD) consultant for a more sustainable more liveable home.
Focusing on resilience along with the comfort and liveability of the home, as well as energy efficiency strategies, an energy consultant works with you and your builder on your home’s design right from the start of your project to help you future-proof your home. Leaving it until your design is complete to engage an ESD could cost you thousands of dollars and precious time.
Who can help you?
If you are building a new home give the team at Greenest House a call. They have helped design and build homes that are future proof, not only for the next decade but for the next 30 years and beyond. Find out how they did it and how they can help you protect your home.
