Climate change exacerbates the public policy challenges already present in managing contested landscapes. Coastal managers deal with multiple stressors and multiple stakeholders and have a difficult challenge in managing competing land use as sea level rise (SLR) reduces the amount of prized coastal land. The information needed to inform on the type and timing of adaptation strategies reflects a major gap in the planning and implementation of adaptation options. We present here an inundation risk assessment framework (IRAF) for estimating the impacts of increasing SLR inundation extent probabilities and the cost of inundation damage through time for public and private infrastructure assets. The framework integrates the cost of damage across asset classes in order to help decision-makers judge the economic utility of various adaptation options and the timing of implementation. We provide an example of this methodology using a case study from Southeast Australia in a low lying estuarine region with an increasingly urbanized population. The methodology shows a clear pathway in which to integrate multiple asset classes into a temporally based damage cost analysis. Such methodology will help address the timing of adaptation and allow for the development of trigger points to guide adaptation planning. Thus, the framework developed in this paper can be easily transferred to other regions and countries facing the same types of SLR risks. As SLR and inundation encroachment continue to occur, decisions regarding protection, repair, and retreat will be made depending on the resources available to local governments. The challenge is to balance decision making with both the timing of implementation as well as costs (both of action and inaction). By understanding the areas of land lost to inundation and the cost of inaction through time, local governments can assess the rationality of adaptation at points in the present and future.