Total losses from the wildfires in Northern and Southern California could reach from $15 billion to $19 billion, a report out on Tuesday shows.
The report from industry data provider CoreLogic shows total losses from the Camp Fire, the most destructive and deadliest wildfire in the state’s history, are estimated to be between $11 billion and $13 billion. Total losses from the Woolsey Fire in Southern California are estimated to be an additional $4 billion to $6 billion.
Last week catastrophe modeler RMS reported that insured losses from the Camp and Woolsey wildfires in California will be between $9 billion and $13 billion.
The CoreLogic analysis of both residential and commercial properties accounts for building, content, and additional living expenses, and the estimated losses include fire, smoke, demand surge and debris removal.
Fire is covered under a standard homeowners’ policy, so the majority of homeowners are likely to have some protection from the financial challenges surrounding recovery, according to CoreLogic.
Was this article valuable?
Here are more articles you may enjoy.