Map: The suburbs where insurance premiums are set to heat up from climate risk

Left: Flooding in Brisbane; Right: What Sydney areas would have the highest insurance premiums in 2100. (Source: Getty; ABC/Climate Risk)

Climate change is changing insurance by forcing premiums up as extreme weather threatens to flood some properties.

But some suburbs will simply become ‘uninsurable’, according to new analysis by Climate Risk; and if we don’t do anything to stem climate change, the number of uninsurable addresses in Australia is set to double to 720,000, which is roughly 1 in 20 homes, ABC reported.

And for those who don’t fall into the ‘uninsurable’ category, insurance premiums could double or even triple.

• Related story: Medibank, AMP Super, pet insurance: Three products Australians shouldn’t buy

• Related story: Employers should pay workers’ private health insurance: health funds

• Related story: Millions of Aussies ditch private healthcare as out-of-pocket expenses soar

Uninsurable is defined as insurers refusing to offer cover or pricing the annual premium at 1 per cent higher than the cost to replace the property, effectively becoming unaffordable.

These are the areas where premiums are set to soar and the price and availability of insurance would be affected if all climate risks were insured:

Sydney

Sydney. (Source: ABC/Climate Risk)

Melbourne

Melbourne. (Source: ABC/Climate Risk)

Brisbane

Brisbane. (Source: ABC/Climate Risk)

Perth

Perth. (Source: ABC/Climate Risk)

Hobart

Hobart. (Source: ABC/Climate Risk)

Darwin

Darwin. (Source: ABC/Climate Risk)

Canberra

Canberra. (Source: ABC/Climate Risk)

Adelaide

Adelaide. (Source: ABC/Climate Risk)

And this will have implications for the property market too.

“If banks start to screen mortgages … we could see a very rapid, very sudden and relatively significant change in [property] values,” said Climate Risk director of science and systems Karl Mallon as reported by ABC.

“And we don’t think this market adjustment will occur in 10 or 20 or 30 years when these hazards become a real problem … People are making these decisions today.”

• Related story: Property prices more important to Aussies than climate change

• Related story: This is how much climate change will cost Aussie households

Property buyers need to factor climate risk into their purchasing decisions, Mallon added.

Make your money work with Yahoo Finance’s daily newsletter. Sign up here and stay on top of the latest money, news and tech news.