Recently, a prominent CEO in Australian real estate has said that the re-assessment of bushfire prone areas could see the spread of so called ‘red zones” by the insurance industry.
These areas would make it difficult for investors to secure insurance or, they will have to pay a very high premium.
The Insurance Council of Australia has released figures
indicating claims exceeding $700 million due to the bushfires and tipped to top
over $1 billion, due to the most recent devastation.
According to a recent report by Risk Frontiers, the top 10
most fire-prone areas are all in Victoria.
The report states that properties with 100 metres of
bush-land are at a significantly elevated risk.
Here are the reports most fire prone towns/suburbs:
· Halls Gap
· Mt Buller
· Lavers Hill
· Wye River
For information on what landlords need to know about
bushfires & natural disaster, read our article here: https://www.realrenta.com.au/blog/post/655
And for information on your tenants rights in the wake of a
disaster, read our article here: https://www.realrenta.com.au/blog/post/652
Tuesday, 11 February 2020