In an article for the website Domain, Jason Dowling talks about the really harmful impact of rising sea levels on waterfront properties. The threat against coastal communities is just so real, with the possibility of sea levels rising by 0.74 metres by the turn of the century. Just just as post and building inspection is significant, climate change inspection should also be made a norm, argues Dowling.
Coastal Risk offers climate change report
Coastal Risk is an online site which gives information to prospective homeowners about the extent to which their property is in danger of being eroded or inundated by the sea. Areas like Middle Park, Albert Park, Williamstown, Cairns, Sunshine Coast, Gold Coast and Moreton Bay are in the watch list.
Climate Valuation Report
The climate across the globe is clearly changing. There is perceptible global warming and sea levels are slowly but ever so steadily rising. Coastal areas, it can be inferred, are under the constant threat of erosion, with some pretty soon and others in about a decade or two. Keeping these facts in mind, the importance of the Climate Valuation Report cannot be overstated.
The report finds out the threat to coastal communities
In itself, the report does not calculate market parameters like historical capital growth or rental yield records. It just tries to decipher the difference between the danger levels of two equivalent properties in different areas-one on the coast and other away from it.
Watch out for what the report says if you are hunting property in a low-lying suburb
The prospective buyers, after looking into this report, will be able to figure out the communities which are in danger and the extent to which the danger is there. So, if you are looking for a property in a prime location, albeit in a low-lying suburb, you would not mind going into the details of the Climate Valuation Report.
The Climate Valuation Report has not gotten its due
The report should have gotten its due emphasis by now but clearly it has not been the case, argues Dowling. It is relevant not only for new home seekers but also for renovation prospects. Just take a look at what the report says for your home. If there is a fear of erosion, raise your ground level by half a metre. There is no denying you will be a lot safer that way.
The cost of the report is likely to be $250. With time, it may also begin to include possibility of wind or fire damage. The Climate Valuation Report will aim to prepare a climate-adjusted value for each home.
Insurance companies insure for flood but not for actions of the sea
Presently, insurance companies insure you for flood, but they stick to the standard definition of a flood. So, if a king tide damages your home or it gets inundated by a rise in sea level, it will be considered an action of the sea and remember, you are not insured under the subhead “action of the sea”.
You can read the original article here.
Home designers know they cannot be casual about such aspects while building near the waterfront. For our projects, not only do we have to be conscious of energy-efficiency and eco-friendliness, but also be on guard for Bushfire, problems arising out of slope of land, and possibility of flooding (when designing in the coastal areas).
Inundation because of a rise in sea level may not be on the radar of insurance companies, but it very well is a part of our lookout. I can assure you that when I take up waterfront projects, I am very keen to understand the threat of inundation for the area and build keeping this aspect in mind.
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