"It's buyer beware, and these are not abstract risks."

Karl Mallon is a climate risk analyst — and he has a message for people looking to get into the property market.

"Personally, I don't think anyone should buy a house without checking for extreme weather and climate change risks," he says.

"No-one's going to come up and say, 'Don't buy this house.' There's no legal requirement for councils or sellers or agents to disclose climate change-related risks.

He's not the only one sounding the alarm. A recent report by the Climate Council found climate change risks could wipe 9 per cent off the total value of residential property in Australia by 2030.

If temperatures continue to rise at the current rate, the report added, as many as one in 19 properties could be unaffordable to insure by the end of the next decade.

Here's what you need to know about the potential risks to keep your own home safe.

The risk of rising seas and coastal flooding

One key risk to property in coastal areas is damage from rising sea levels and coastal flooding.

If current trends continue, climate scientists expect sea levels to rise one metre on average by the end of century, which would see many properties in low-lying coastal areas frequently flooded.

"A one-metre sea level rise, depending on the topography, means that a current 1-in-100 year flooding event could occur every year, or even every month in some cases," says Will Steffen, a councillor with the Climate Council of Australia and researcher at the Australian National University.

In some parts of Australia, councils or insurance companies have already started taking measures to reduce risks.

Rising sea levels could spell disaster for low-lying coastal areas like the Gold Coast. ( Unsplash: Evie Ge )

In New South Wales, some councils have attached notes about flood risks to planning certificates of some properties — a move that has drawn criticism from owners who have seen their properties devalued and insurance premiums rise.

"Recently, we saw a subdivision in an incredibly low-lying area, I think only 1.5 metres above sea level, being put up for sale. You just say, 'Wow'," he says.

"When you add in the sea level rise [predicted by the IPCC], and add in the odd storm, these people will have waves certainly washing across their garden.

"Hopefully, it doesn't get into the house, but if they just put a standard slab-on-ground house, which they may well be able to do, then that water's going to be coming into the house."

How climate risks could affect your insurance bills

In addition to the risks of rising seas and coastal flooding, climate scientists expect rising temperatures will bring more frequent extreme weather events.

According to Professor Steffen, rising temperatures will bring stronger tropical cyclones and more frequent bushfires.

Inland areas are likely to experience more extreme drought conditions. In higher rainfall areas and flood plains, the risk of severe inundation and flooding is increasing.

Some of these risks have already been factored in to our insurance premiums, but Dr Mallon warns that climate will be an increasing focus for banks, lenders and insurers over coming years.

"One myth we try to dispel is this idea that climate change is more of a financial risk in the future. People say, 'Oh well, in terms of my property, these things will take a long time to change,'" he says.

"We think there will be a relatively sudden change [in attitudes to risk] and higher risk properties will be affected accordingly."

Karl Mallon says banks, insurers and home buyers are becoming more cautious about properties exposed to risks from climate change. ( Unsplash: DJ Paine )

Should you be worried?

For home owners in the firing line of climate change, there's likely to be a one-two punch of rising insurance premiums and falling property values.

The Climate Council estimates one in 19 properties will have annual insurance premiums of more than 1 per cent of their value each year — making them effectively unaffordable to insure.

As scary as this all sounds, Dr Mallon says most of us have nothing to worry about.

"Just to get a scale on this, a lot of places are fine. They're not in flood zones, they're not in low-lying coastal areas or close to a forest," he says.

"We estimate that around one in 20 might have some serious issues, but of course you don't want to be the person who buys that one in 20."

Climate-proofing your home

In addition to thinking about where the house is, it's important to consider the building's design and the materials used, Dr Mallon says. Even if you are in a high-risk area, you might be able to renovate to mitigate some risks, he adds.

"There's some work in Far North Queensland just looking at very small things people can do, like putting bigger screws on their roofs or closing openings, that can make a home much, much more resilient to cyclones," he says.

"That [renovation] could be $10,000 or $20,000, which for a house that's worth $500,000 is a relatively reasonable expense. On the other hand, we could see a situation with flooding risk, where you are looking at major renovations."

When it comes to flood risk, it's important to think about the height of the floors and the materials used, Dr Mallon adds. If you have a two-storey house with upstairs living areas, or the house is built using flood-proof materials, you'll be much better off should the worst happen.

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What you can do about it

Here's a short list of factors to keep in mind when buying a home or thinking about climate-proofing your property.