Sydney home owners fear premium hikes, hit to property values after shock flood rating

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Exclusive: Sydney home owners fear premium hikes, hit to property values after shock flood rating | michaelkoziol

Thousands of eastern Sydney home owners fear higher insurance premiums and lower property values after they were blindsided by a formal notification that their properties are at increased risk of flooding.

Nearly 3000 properties were given a “low” risk rating, about 1400 “medium” and 146 “high”, with the rest unrated or “no risk”. But many residents were confused about why their home was considered at risk, why neighbouring properties had different ratings and why the study was necessary at all as they were far away from flood zones near the Hawkesbury.

Sam Espie, pictured with his daughters Jessica and Violet, bought his Queens Park property in 2010 and says it has never flooded.Waverley Council said it was following a state government program that began with studying the area’s vulnerability to flood and extended to including flood maps in development control plans , which dictate how people can build and renovate.

Home owners received their flood risk notifications in June and July, and were explicitly told their rating would not change as “the adopted flood study has already been endorsed by council”. However, the DCP is still being finalised and will be reviewed by an independent flood consultant. Lesmond, who is leading the residents’ backlash to the flood rating, had a degree of sympathy for the council’s predicament.

 

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michaelkoziol What are they going to do about it? Cut down some more trees and pave some more parking lots?

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