Multi-million dollar properties are seen close to a wall construction site at south Coogee beach in Sydney August 12, 2009. Around the world, owners of prized seaside properties face the prospect of not just losing their homes but receiving no compensation as insurance policies may not cover climate change losses in the future. Sea levels are widely expected to rise about one metre (3.3 feet) this century due to climate change, faster than the 18-59 cms (7-23 inches) outlined in a United Nations Climate Panel report in 2007. And coastal communities around the world are already feeling the destructive effects of more frequent and violent ocean storms -- a portent of rising seas. "If you live in paradise you accept what the ocean gives and takes. We're not worried," Lesley McGrath told Reuters. Picture taken August 12, 2009. To match feature OCEANS-RISING/REALESTATE REUTERS/Daniel Munoz (AUSTRALIA ENVIRONMENT BUSINESS)