Up to $19B in Property Damage From California Fires
November 27, 2018
The combined devastation brought by California’s Camp and Woolsey Fires resulted in up to $19 billion in property damage, according to new data from CoreLogic.
The Camp Fire, which was the most destructive wildfire in California history, created between $11 billion and $13 billion. The total losses from the Woolsey Fire in Southern California were estimated between $4 billion to $6 billion. CoreLogic analyzed residential and commercial properties and estimated losses to include costs related to fire, smoke, demand surge and debris removal.
“These wildfires have been a personal and financial tragedy for many families,” said Tom Larsen, Principal of CoreLogic Industry Solutions. “The proper estimation of the value of a home is critical because often in situations of wildfire, the home is completely lost. A deficient valuation can lead to a situation where homeowners have inadequate funding to replace their home.”
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