New research has found half of all Australian homes are at risk to natural disasters and high insurance premiums are leaving millions in danger.
According to Domain, about 5.6 million properties are at risk of bushfires, almost 1 million at risk of floods and thousands more threatened by coastal erosion.
In some states, as many as two thirds of all properties are in danger.
The NSW suburb of Ballina has the highest flood risk in the country, Victoria’s Upper Yarra Valley has the highest bushfire risk and Queensland’s Surfers Paradise has the biggest coastal erosion threat.
A future housing forum today found there was a shocking lack of awareness among Australians.
“We found that just 29 per cent of Australians know the risks associated with their homes when faced against a natural disaster,” Domain’s head of research Nicola Powell said.
With the population growing and more people priced out of insurance, the threat of natural disasters seriously impacting homeowners is high.
“We are seeing more people live on perilous land in order to find a place to call home,” Powell said.
“If you’re in one of those areas prone to either bushfire or flood chances are you’ve been hit with premium quote that’s way above what can afford,” Canstar group executive Steve Mickenbecker said.
“Secondly your insurer might have come to you and said ‘look we’re not prepared to renew’.”
Industry leaders have said the growing crisis needs sectors and layers of governments to urgently find a solution.
“Often we find the property conversation and the climate change conversation are had in isolation. We really need those conversations to be happening together,” Powell said.
