Maralyn Luchetti and her partner bought their dream home directly overlooking the ocean north of Wollongong three years ago and thought they were prepared for the worst.

Storm damage to properties on the New South Wales coast is common, yet Mattias Samuelsson from Ray White Helensburgh says it is not yet having a noticeable impact on prices in his patch.

At present, no region in Australia is uninsurable, but a growing number of home owners are unwilling or unable to take out flood or storm insurance due to the prohibitive costs, with some households asked to pay tens of thousands of dollars a year.

Australia's major banks have undertaken modelling to determine the risk climate change-related weather events pose to their mortgage portfolios, putting it in the tens of billions of dollars in the more severe scenarios.

Andrew Dyer, manager of land, planning, hazards and regulatory at IAG, said it was too early to be sure exactly how much extreme weather was pushing up insurance costs but there were worrying signs.

In the face of more frequent extreme weather events, Australia's largest insurance company is calling for urgent preventative action to help bring down premiums.

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