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Nelson flood damage in Atawhai as seen on 19 August 2022. Photo: RNZ / Angus Dreaver
New analysis has found more and more homes are going to be exposed to flooding from rivers, pushing up the cost of insurance.
The report, carried out by property data company CoreLogic and Munich Re, one of the world's largest reinsurers, found the average annual cost of river flooding to residential buildings already tops $100 million, and could increase by more than 20 percent by 2050, and 30 percent by 2100.
The report comes just a week after devastating floods hit the Nelson-Marlborough region, with 134 homes red-stickered; many of those along the Maitai River which breached its banks after sustained heavy rainfall.
Eleven percent of the country's residential property value are already exposed to river flood risk. and that's expected to increase to 17 percent by 2050.
CoreLogic head of research Nick Goodall tells Kathryn that home owners should take this information seriously.