PHOTO: IAG is providing customers with temporary accommodation if their property has been impacted by erosion. Picture: Toby Zerna Source:News Corp Australia
Australia’s major insurance provider has warned homeowners are at risk of losing millions as beach front properties are uninsurable against the power of the ocean.
Insurance Australia Group has warned beach-front homeowners are at risk of losing millions of dollars as properties are not insurable against damage caused by the ocean.
IAG’s executive manager of natural perils Mark Leplastrier said homes across the east coast of Australia were at risk of significant financial woes, as the majority of home insurance premiums do not cover property damage from coastal erosion and “actions by the sea”.
Mr Leplastrier’s comments come as an east coast low pressure system moving across New South Wales caused significant damage to the central coast, particularly around Wamberal and the northern beaches of Sydney.
“Actions of the sea and typical coastal erosion is not covered by most insurance policies,” he said.
“These events have always been an issue for the east coast of Australia, particularly for the Newcastle, Sydney and Illawarra regions.”
‘Actions of the sea and typical coastal erosion is not covered by most insurance policies,’ IAG executive manager of natural perils Mark Leplastrier says. Picture: Peter Parks AFPSource: AFPREAD MORE VIA NEWS.COM.AU
MOST POPULAR
