(Camp Fire image from NASA Landsat 8 Operational Land Imager. Photo credit: NASA/Joshua Stevens.)
CoreLogic (Irvine, Calif.), a provider of property information, analytics and data-enabled solutions to the insurance industry, has provided updated residential and commercial loss estimates for the recent catastrophic wildfires in California. According to the firm’s new data analysis, total losses from the Camp Fire, the most destructive 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.
CoreLogic reports that the following numbers have been refined in accordance with the latest post-containment perimeter of both the Camp and Woolsey Fires. The 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.
“These wildfires have been a personal and financial tragedy for many families,” comments Tom Larsen, principal, Industry Solutions said. “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.”
CoreLogic provides updated information on the wildfire data, along with reports from previous catastrophes, at its natural hazard risk information center, Hazard HQ, at www.hazardhq.com.