At-risk homes in CA wildfires could cost billions to rebuild

CoreLogic says more than 48,000 homes are at high or extreme risk of wildfire damage

At-risk homes in CA wildfires could cost billions to rebuild

A total of 48,390 homes are at high or extreme risk of wildfire damage from the Camp and Woolsey fires in Northern and Southern California as of Nov. 11, according to a data analysis released by CoreLogic.

CoreLogic found that those at-risk homes have a total reconstruction cost value (RCV) of approximately $18.3 billion.

According to CoreLogic, the RCV represents 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.

The Camp Fire is located in Northern California near and around Paradise and Chico. CoreLogic’s analysis found that the fire has placed four zip codes at risk. Meanwhile, the Woolsey Fire is located in Southern California near and around Thousand Oaks and Malibu and has placed seven zip codes at risk.

CoreLogic noted that not all structures within a fire perimeter will suffer damage or be destroyed by the fire. It will run a post-fire analysis to provide an accurate assessment of losses and destruction.

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