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

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

Los Angeles /
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

arrow_forward_ios
Greenville, California after the fire (Getty)
Dixie fire has now burned nearly 1.3K structures, 1M acres
Dixie fire has now burned nearly 1.3K structures, 1M acres
Aftermath of the fire in Greenville, California (Getty)
Dixie fire has burned more than 1,000 structures — over half were homes
Dixie fire has burned more than 1,000 structures — over half were homes
The destroyed Greenville Library (Getty)
Dixie fire is state’s 3rd largest ever and threatens 14K structures
Dixie fire is state’s 3rd largest ever and threatens 14K structures
A home burning in the Sierra Nevada earlier this week (Getty)
Dixie fire is threatening 10K structures
Dixie fire is threatening 10K structures
A Los Angeles Superior Court judge blocked construction of the 19,000-home planned community in northern L.A. County (Getty, Centennial Tejon Ranch)
Judge blocks 19K-home Tejon Ranch project over environmental risks
Judge blocks 19K-home Tejon Ranch project over environmental risks
Opponents say the restriction will cause an increase in construction costs. (Getty)
LA explores more restrictions on large wood-frame projects
LA explores more restrictions on large wood-frame projects
A photo of the Woolsey Fire in Malibu in November 2018 (Getty)
Slow burn: Homeowners lose zeal to rebuild after wildfire season
Slow burn: Homeowners lose zeal to rebuild after wildfire season
California insurance commissioner Ricardo Lara
California issues wildfire insurance moratorium for 2nd straight year
California issues wildfire insurance moratorium for 2nd straight year
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...