Many coastal homes with sea views remain highly desirable and sought after despite their risk factor. Pandemic driven shift to working from home has led many to move to regional and coastal areas for work life balance.
While that dream home might have incredible seascapes and lifestyle appeal, it is important to consider coastal risks when purchasing or living in one says George Pipertzis, Assistant Director Product Pricing and Underwriting at DSH Insurance.
‘Increase in coastal weather events is leaving coastal properties increasingly at risk. As these events increase in frequency and intensity, it’s important to insure your coastal property appropriately,’ says George.
Storm surges, currents, winds, and elevated tides can all directly affect coastal properties – and will inevitably get worse as the weather becomes more erratic due to climate change.
To help protect your coastal property, you want to make sure you have appropriate home building insurance coverage, which is generally different to that of a standard building insurance.
‘Standard home building insurance is generally comprehensive enough to help cover most of the incidents a regular home might face such as fire, theft, etc. However, coastal homes have more specific needs that standard building insurance may not provide such as damage caused by any action of the sea,’ says George.
At DSH Insurance, we insure you for loss or damage to the home caused by flood, or a tidal wave, or action of the sea.
‘By ‘action of the sea’, we mean the rise or fall of the sea over a short period. Some insurance policies offered by the general insurance industry, may not offer this type of cover.’
‘It is advised to ensure you are fully protected from any storms, weather, or hazards you may encounter. Since your home is more prone to these risks, you need appropriate insurance coverage to address these hazards,’ says George.
Got questions for George? Email him at dsh@dva.gov.au.