We all pay for coastal damage

Insurers and banks are taking a close interest in the impacts of climate change. They want councils to be proactive and take a long-term view of how our communities should adapt to coastal changes. Anticipating and planning for sea-level rise reduces costs and our collective risk. We all pay through rates when Council repairs roads, pipes, or parks that are damaged by coastal hazards. Increased costs of repairing and maintaining services like electricity and gas are passed on by suppliers to customers. With frequent damage properties become uninsurable and banks refuse to lend. Premiums rise for everyone to compensate for increased claims.

For questions about property values, insurance or lending talk to a valuer, or your insurer and bank.

Read the Insurance Council’s position statement on climate change on www.takutaikapiti.nz.