Houses in flood-hit Townsville and other parts of north Queensland are “on track to become uninsurable”, according to analysis that shows the risk to homes from flooding will more than double under climate change.
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| Homeowners in north Queensland will find difficulty getting insurance as flood risk rises with climate change. |
The modelling, based on current global emissions trajectories, says flooding in Townsville is already about 20% more to likely to occur than previously thought. The total flood risk in the region is likely to increase by 130% by the end of the century.
Climate Valuation, which advises the property and finance industry, said the result would be that more homes would find flood cover difficult to obtain and too expensive.
Home and business owners have reported being caught out by the scale of this month’s flooding in Townsville. Many say they did not have specific flood cover, and that the city planning codes rated properties outside the “one in 100 years” flood zone as effectively flood-free.
Read the story from The Guardian by Ben Smee - “Townsville homes may become 'uninsurable' due to flooding from climate change.”
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