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https://theconversation.com/how-extreme-weather-and-costs-of-housing-and-insurance-trap-some-households-in-a-vicious-cycle-241572>
"Climate change is increasing the risk of extreme weather events for Australian
households. Floods and bushfires are becoming more likely and severe. As a
result, household insurance costs are soaring – tripling in some cases.
High-risk areas might even become uninsurable.
The national housing crisis is pushing low-income households in particular to
seek affordable housing in areas at risk of flooding. There they can become
trapped in a vicious cycle. Unable to pay soaring insurance premiums in these
areas, they also can’t afford housing elsewhere.
The regulation of housing in Australia traditionally relies on well-informed
buyers being responsible for managing the risks. But our new study found home
buyers are often not aware of the long-term risks.
Only after they’ve bought the home do they start thinking about these risks.
When faced with unexpected high insurance costs, many opt to take the risk of
being underinsured or even uninsured. This leaves them highly vulnerable.
The National Strategy for Disaster Resilience promotes a shared-responsibility
concept. However, we found the main responsibility still lies with households.
And they are not equipped to cope with the increasing complexity, impacts and
costs of extreme weather events."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
