A recent report has revealed that one in four mortgaged homes in Auckland are at risk of 1-in-100 year floods. The report, which was commissioned by the Insurance Council of New Zealand, highlights the potential impact of climate change on the city’s housing market.
The study found that around 35,000 homes in Auckland are at risk of flooding from a 1-in-100 year event, which is defined as a flood that has a 1% chance of occurring in any given year. This means that if such an event were to occur, it would cause significant damage to these properties and could potentially render them uninhabitable.
The report also found that the value of these at-risk properties is estimated to be around $13 billion, which represents a significant portion of Auckland’s housing market. This means that if a major flood were to occur, it could have a significant impact on the city’s economy and housing market.
The report highlights the need for homeowners to take steps to protect their properties from flooding. This includes measures such as raising the height of homes, installing flood barriers and improving drainage systems. It also suggests that local authorities need to take a more proactive approach to managing flood risk, including investing in infrastructure and improving planning regulations.
The findings of the report are particularly concerning given the increasing frequency and severity of extreme weather events around the world. Climate change is causing more frequent and intense storms, which are leading to more flooding and other natural disasters.
In response to these risks, some insurance companies are already starting to adjust their policies to reflect the increased risk of flooding. This includes offering higher premiums for properties in high-risk areas and requiring homeowners to take steps to mitigate their risk.
Overall, the report highlights the urgent need for action to address the growing risk of flooding in Auckland and other cities around the world. This includes both individual action by homeowners and collective action by governments and other stakeholders to invest in infrastructure and improve planning regulations. Failure to take action could have serious consequences for the economy, the housing market and the wellbeing of residents.
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