Reconstruction Cost of Homes at Threat from California Wildfires over $18B

Not all homes in ZIP codes identified by by CoreLogic are currently within the burn perimeter of these fires, nor will all structures within a fire perimeter be damaged by the fire.

(Malibu residents evacuating from the Woolsey Fire along the Pacific Coast Highway on Nov. 9, 2018. Photo credit: Cyclonebiskit.)

CoreLogic (Irvine, Calif.), a provider of global property information, analytics and data-enabled solutions, has released data analysis showing 48,390 homes with a total reconstruction cost value (RCV) of approximately $18 billion are at high or extreme risk of wildfire damage from the Camp and Woolsey fires in Northern and Southern California.

RCVs represent the cost to completely rebuild a property in the worst-case scenario of total destruction of the structure, including labor and materials by geographic location. While other hazards may cause partial destruction but rarely eliminate an entire property, wildfire events are more likely to cause total loss to structures affected.

Breakdown of homes and values from the Camp and Woolsey fires. Source: CoreLogic Nov. 2018. (Click to Enlarge.)

The CoreLogic Wildfire Risk Score is a deterministic wildfire model which is as comprehensive as it is granular. It covers 15 states: Alaska, Arizona, California, Colorado, Florida, Idaho, Montana, Nevada, New Mexico, Oklahoma, Oregon, Texas, Utah, Washington and Wyoming. The Score evaluates the risk of a property to wildfire by returning what CoreLogic characterizes as an easy-to-understand, normalized 5 to 100 score, giving insight into the potential risk of a wildfire. It considers slope, aspect, vegetation/fuel, and surface composition as well as proximity to higher risk areas that could affect the property via windblown embers. These factors are all weighted differently and combine to form the score.

Due to the unpredictable nature of wildfires and the presently evolving disaster in California, not all homes in the ZIP codes identified by CoreLogic are currently within the burn perimeter of these fires. It is also important to note that not all structures within a fire perimeter will suffer damage or be destroyed by the fire. The company says it will run a post-fire analysis to provide an accurate assessment of losses and destruction.

Updates Provided

Following the containment of the wildfires, CoreLogic will assess the damage and provide a post-catastrophe loss estimate for these areas. CoreLogic provides updated information at its natural hazard risk information center, Hazard HQ, at www.hazardhq.com, where the firm says readers can get access to the most up-to-date wildfire data and see reports from previous catastrophes.

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