There are concerns new State Government flood mapping could spark a huge insurance price hike on the Gold Coast.
Being listed in the extended area would likely increase insurance premiums and State MP for Burleigh Michael Hart is concerned his constituents will cop the brunt of the costs.
“It’s going to have a dramatic effect on the future developments in Palm Beach, in particular,” he said.
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“It will eventually flow on to people’s insurance cover.
“It may mean residents can’t get flood insurance in the future, or if they can get it it’ll be extremely expensive.”
Gold Coast Councillor Cameron Caldwell is urging insurance companies not to spike up the price.
“Insurance companies should do the right thing in assessing risk for their customers based on the realities on what those risks are today,” he said.
“It’s important for the State Opposition that if the State Opposition have an alternate position to take, they articulate that point.
“Under the current State Government, we have no choice but to implement the 80 cm sea level rise predictions.”
The flood mapping changes won’t take place until September which could spark an influx of applications for development in the new “floodplain areas”.
The State Opposition is also worried about how the floodplain mapping would impact the development in areas like Palm Beach and Currumbin, as well as the extension of the Light Rail.