CoreLogic® (NYSE: CLGX), Irvine, was out Tuesday with its updated residential and commercial loss estimates for the recent catastrophic wildfires in California. 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.
The analysis was 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.
“These wildfires have been a personal and financial tragedy for many families,” 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 will host a post-catastrophe webinar on December 11 at 9:30 AM PST, “2018 California Wildfires: The Story Unfolds,” for which registration is here.
