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Home arrow Articles by Topic arrow Climate Change arrow Climate change set to erode house values
Climate change set to erode house values PDF Print
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Articles - Climate Change
Written by Martha McKenzie-Minifie, The New Zealand Herald   
Wednesday, 18 April 2007

Rising seas will increase risk. Photo / Hawke's Bay Today

Some sought-after coastal properties could fall in value because insurers are refusing to cover them for extreme weather events linked to global warming.

The insurers' tough line against properties in flood and erosion-risk areas could make it impossible for buyers to get mortgages.

The move comes as climate change experts warn New Zealand will be hit by more severe storms, coastal erosion and flooding.

Already, insurers are refusing to cover some flood-prone Hawkes Bay and Coromandel Peninsula properties. Insurance Council chief executive Chris Ryan expects the refusals to increase during the next 20 years.

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