SEE CHANGE: Rising tides could bring an increase in insurance premiums.
SEE CHANGE: Rising tides could bring an increase in insurance premiums. Jody Chew

Rising tide brings costs

BURRUM Heads man Darryl Scott has no worries when it comes to a rising sea level and hefty home insurance premiums for his property.

It sits about five metres above average sea level which is too high to be at risk of coastal inundation.

But many other Fraser Coast homes which are lower than his and near the water could be at risk in the near future.

While some may appreciate the closer water views, the potential for tidal surge damage could see a hike in insurance premiums, Climate Valuation Project's Karl Mallon said.

He has urged all home owners in the area, and those looking to buy, to investigate how their premiums could rise with a rising tide and to make property modifications where necessary.

"Extreme weather risk is driving up insurance premiums and insurers are already refusing to cover large parts of Australia," he said.

"They cannot assume they will get insurance (in the future) and they have to do their own research."

Mr Mallon said people could check out the risks associated at their address in a "probabilistic big data risk engine", put together by the Climate Valuation Project.

"We calculate the probability of events occurring and are then able to calculate the amount of damage," Mr Mallon said.

"By bringing these together we can look at the cost of risk in any one year."



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