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

 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.

The backlash to a flood study conducted chiefly by Waverley Council will have implications for councils throughout NSW, who have primary responsibility for managing floodplain development under the state’s flood-prone land policy.

Six affected residents who spoke to the Herald all said they were not even aware a flood study had occurred when they received a letter from the council telling them their property had been rated a “medium” risk.

Read More: https://www.smh.com.au/national/nsw/sydney-home-owners-fear-premium-hikes-hit-to-property-values-after-shock-flood-rating-20220826-p5bd1m.html



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