1 00:00:00,400 --> 00:00:02,280 Speaker 1: So the thing that we've been warned about, read the 2 00:00:02,279 --> 00:00:05,400 Speaker 1: climate change has happened. AA Insurance has now stopped offering 3 00:00:05,440 --> 00:00:08,320 Speaker 1: new insurance policies for Westport because of the risk of flooding. 4 00:00:08,720 --> 00:00:11,560 Speaker 1: At the very end of last year, AA Insurance wrote 5 00:00:11,560 --> 00:00:13,680 Speaker 1: to the Bullet District mayor telling him the company would 6 00:00:13,720 --> 00:00:17,880 Speaker 1: be putting a they say, temporary stop to new insurance 7 00:00:17,920 --> 00:00:20,840 Speaker 1: policies for properties in the seven eight to two five postcode, 8 00:00:20,880 --> 00:00:24,280 Speaker 1: which includes Westport, Carter's Beach in Cape Fwlwind. Now, if 9 00:00:24,280 --> 00:00:27,720 Speaker 1: you listen to the experts, this is just the start. 10 00:00:27,920 --> 00:00:31,000 Speaker 1: It's already happening to towns at risk of flooding in Australia. 11 00:00:31,160 --> 00:00:33,839 Speaker 1: It's now happened here and it will keep on happening, 12 00:00:33,840 --> 00:00:35,920 Speaker 1: and it will keep on happening until these towns find 13 00:00:35,920 --> 00:00:39,440 Speaker 1: ways to keep themselves safe through things like flood defenses. Now, 14 00:00:39,520 --> 00:00:40,879 Speaker 1: you do not need me to tell you what this 15 00:00:40,960 --> 00:00:43,120 Speaker 1: is going to do to property prices. It's only going down. 16 00:00:43,640 --> 00:00:46,080 Speaker 1: That's the only direction, and not least because you need 17 00:00:46,120 --> 00:00:48,440 Speaker 1: insurance to take out a mortgage. And you know what 18 00:00:48,520 --> 00:00:51,680 Speaker 1: happens next is that people then start putting pressure on 19 00:00:51,720 --> 00:00:54,560 Speaker 1: the government to bail them out from dropping property prices right, 20 00:00:54,560 --> 00:00:56,279 Speaker 1: They want the government to buy their houses. They want 21 00:00:56,320 --> 00:00:59,040 Speaker 1: the government to provide insurance because that's what we always 22 00:00:59,040 --> 00:01:01,280 Speaker 1: do when things go wrong, We turn to the government 23 00:01:01,320 --> 00:01:05,959 Speaker 1: to bail us out. The government absolutely should not bail 24 00:01:06,000 --> 00:01:09,360 Speaker 1: out anyone, not just because the country cannot afford it. 25 00:01:09,720 --> 00:01:12,480 Speaker 1: If every single homeowner who loses insurance cover because of 26 00:01:12,480 --> 00:01:15,120 Speaker 1: climate change in the next few decades or needs to 27 00:01:15,160 --> 00:01:17,080 Speaker 1: be bought out because of climate change in the next 28 00:01:17,120 --> 00:01:20,520 Speaker 1: few decades, asks for it, it will cost the country 29 00:01:20,680 --> 00:01:23,600 Speaker 1: billions of dollars that we do not have. But also 30 00:01:23,920 --> 00:01:26,880 Speaker 1: because as harsh as it is, if the insurance company 31 00:01:26,920 --> 00:01:29,920 Speaker 1: will not cover your house anymore, maybe your house should 32 00:01:29,959 --> 00:01:32,560 Speaker 1: not be where it is. Maybe the insurance companies are 33 00:01:32,560 --> 00:01:34,399 Speaker 1: doing us a favor by forcing us to make the 34 00:01:34,440 --> 00:01:36,560 Speaker 1: decisions that we don't want to. We've been dragging our 35 00:01:36,600 --> 00:01:39,360 Speaker 1: heels on the stuff for decades now, but you can't 36 00:01:39,440 --> 00:01:41,840 Speaker 1: argue with the market. We are still building in the 37 00:01:41,880 --> 00:01:43,880 Speaker 1: wrong place, but you can't argue with the market if 38 00:01:43,920 --> 00:01:48,000 Speaker 1: the insurance won't cover it. Taxpayers absolutely should not For 39 00:01:48,120 --> 00:01:51,680 Speaker 1: more from hither Duplessy Allen Drive listen live to news talks. 40 00:01:51,720 --> 00:01:54,920 Speaker 1: It'd be from four pm weekdays, or follow the podcast 41 00:01:55,000 --> 00:01:55,960 Speaker 1: on iHeartRadio