Home owners shouldn't expect buy outs in future

[Lilith7]

According to 'experts', home owners shouldn't get buyouts due to climate change. So those whose homes are  flooded out or damaged by weather events shouldn't expect help in future.

The group says individuals should be responsible for knowing the risks, & suggested a transition period of 20 years.


https://www.rnz.co.nz/news/political/566...government

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And there's been 'a significant rise' in home insurance. That may mean that in future, most may be unable to afford home insurance.

https://www.rnz.co.nz/news/in-depth/5133...s-revealed

[king1]

well at some point there may well be too many properties affected, too many times, for any insurance company or government to sustain continual repairs. But the other argument is whether these people should be relocated and who pays for that, to avoid the costs of the climate change repairs/mess.

[Lilith7]

well at some point there may well be too many properties affected, too many times, for any insurance company or government to sustain continual repairs.  But the other argument is whether these people should be relocated and who pays for that, to avoid the costs of the climate change repairs/mess.

We've known for quite a while now, that this was coming - & surely should have been better prepared for it.

[Lilith7]

No future climate adaption assistance leaves Kiwis on their own
- expert.

"Phasing out govt assistance & property buyouts for climate adaptation would be 'morally bankrupt' a climate policy expert says.

https://www.rnz.co.nz/news/national/5664...own-expert

[Oh_hunnihunni]

Proactive programmes should be invested in now, if people fight those, then on their own heads be it.

Not as if we don't know who is at risk.

Everyone.

[SueDonim]

It's "Following a 20-year transition period" which sounds pretty reasonable. For areas that were settled 50+ years ago people can be forgiven for not realising what they have got into. Over the last few decades we have learned so much more about flood plains, liquefaction, earthquakes, risk from rainfall events, etc that anyone buying or building in a high risk area should have had their eyes wide open., Yes, I know we are still doing it, eg Papamoa and the proposed "city" between there and the Kaituna River, but the bottom line is that people who still want to live in these high risk areas need to open their eyes to the risk and be responsible for their decisions instead of expecting the government to bail them out when it all goes wrong.

[harm_less]

The house featured on Grand Designs NZ about a year back built just above the high tide mark in the Kapiti area was a case in point of people completely ignoring the risks of sea level rise and increasingly volatile storms. They experienced a near miss in that regard during construction but just went on regardless. Madness, and homeowners of that type shouldn't expect any 'safety net' when it all turns to custard for them.

[Oh_hunnihunni]

When I was in a different part of my life I fell in love with a house, perfect price, perfect number of rooms, well built, perfect area, it even had an atrium for heaven's sake! Perfect!

Then I researched the council records, and found it was on a flood plain, and researched that status through flow path mapping and weather stats and decided against it. Took effort but it's not something the family conveyancer does so buyers need to do it themselves.

Pays to be wary these days. Conditions are changing and changing fast. During the last Auckland floods one of these villages on the Shore near a drainage 'stream' was seriously flooded, the elderly tenants lost everything and were evacuated in the middle of the night. They are back in their units, new carpets, new wall coverings, but the 'stream' is still there...

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It's "Following a 20-year transition period" which sounds pretty reasonable. For areas that were settled 50+ years ago people can be forgiven for not realising what they have got into. Over the last few decades we have learned so much more about flood plains, liquefaction, earthquakes, risk from rainfall events, etc that anyone buying or building in a high risk area should have had their eyes wide open., Yes, I know we are still doing it, eg Papamoa and the proposed "city" between there and the Kaituna River, but the bottom line is that people who still want to live in these high risk areas need to open their eyes to the risk and be responsible for their decisions instead of expecting the government to bail them out when it all goes wrong.

This. Absolutely. Investing in property is as much a risk as any other investment...