Real estate damages from Woolsey Fire now estimated at $5B

Flames in LA and Ventura counties destroyed 1,643 structures, damaged 364 others

Nov.November 28, 2018 03:00 PM
Caption: The Woolsey Fire destroyed 1,643 structures and damaged 364 others. (Credit: Matthew Simmons at Getty Images)

The Woolsey Fire that destroyed thousands of structures earlier this month in Los Angeles and Ventura counties is now estimated to have caused up to $5 billion in real estate damages.

Property data firm CoreLogic projects total losses from the fire at $3.5 to $4.5 billion in residential property damage, and up to $500 million in damage to commercial properties, the OC Register first reported. The Woolsey Fire lasted over a week, and in addition three lives and injured three firefighters.

The fire, in which three people died and three firefighters were injured, destroyed 1,643 structures. It also damaged 364 others, and burned 96,949 acres of land.

CoreLogic’s report estimated total losses by calculating the property value of those buildings, their contents, and expenses incurred by property owners. Property owners with insurance would have their losses covered.

But the increasing number of wildfires over the past few years throughout California — where an estimated 1.7 million homes are considered highly prone to fire damage — has challenged and overburdened some firms, and caused some insurers to pull back.

In response, experts have called for caution when it comes to zoning particularly risky areas, and when rebuilding destroyed infrastructure. [OC Register]Gregory Cornfield

Related Articles

Monica Rodriguez orchestrated the nixing of a residential project set for the Verdugo Hills Golf Course (Credit: Google Maps, Wikipedia)

The threat of fire doomed this Tujunga resi project. Now the developer will sue

Eric Garcetti’s administration wants to encourage downtown development by axing parking requirements.

To build more housing downtown, LA wants to kill the car

Real estate agents are burning up about rising home insurance costs

LA’s growing wildfire problem is spiking insurance rates, damaging the luxury market

PG&E CEO William Johnson and a Camp Fire victim looking over his destroyed home (credit: U.S. Air Force)

Wildfire fallout: Thousands of property owners may miss chance for PG&E compensation

Paradise Mayor Jody Jones, PG&E CEO William Johnson, and a home burned in Paradise in the Camp Fire

PG&E will pay up for damage from deadly and destructive Camp Fire

California Governor Gavin Newsom and a home burned in Malibu following the Woolsey Fire

After devastating wildfires, could restrictions on homebuilding be in LA’s future?

Malibu Real Estate Investments principals Bedros Oruncakiel and Kirkor Suri

Malibu spec mansion lists amid softening luxury market

Chandler Parsons and his property on Stone Canyon Road (Credit: Getty Images)

Durant wants out of Malibu, and now Chandler Parsons is listing his Bel Air mansion