Report: California Fire Damage Could Hit $19 Billion
IRVINE, Calif. — CoreLogic estimates total losses from Camp Fire, the most destructive wildfire in California’s history, are estimated to be between $11 billion and $13 billion while total losses from the Woolsey Fire in southern California are estimated to be an additional $4 billion to $6 billion.
CoreLogic is a leading global property information, analytics and data-enabled solutions provider. Among its services, the company provides estimates for devastating events like the recent fires and hurricanes.
CoreLogic said in a release that its estimates for the recent fires are based on its own data analysis.
“These wildfires have been a personal and financial tragedy for many families,” said Tom Larsen, principal, Industry Solutions at CoreLogic. “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.”
The U.S. Wildfire Model from CoreLogic, a probabilistic loss model designed to estimate damage and insured losses due to brushfire breakout in the U.S., includes robust hazard definition, comprehensive agents of damage, local vulnerability functions, variable import resolution, detailed financial modeling, flexible reporting, and has undergone extensive expert review.
CoreLogic said its estimates have been refined in accordance with the latest post-containment perimeter of both the Camp and Woolsey Fires.
This analysis of both residential and commercial properties accounts for building, content, and Additional Living Expenses (ALE), 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.
CoreLogic continues to research the underinsurance and post-catastrophic inflation associated with these devastating wildfires and the impact on homeowners in our post-catastrophe webinar on December 11 at 9:30 AM PST, “2018 California Wildfires: The Story Unfolds,” which you can register online.
CoreLogic also has a natural hazard risk information center, Hazard HQ, at www.hazardhq.com to access to the most up-to-date wildfire data and reports from previous catastrophes.