Palisades, Eaton Fire Damage Estimates Between $35B and $45B: CoreLogic
Preliminary residential and commercial loss estimates for the Eaton and Palisades Fires in Los Angeles are estimated to be between $35 to $45 billion, according to CoreLogic. The Irvine-based property information company will provide final insured loss estimates once the fires have been fully contained.
This analysis of both residential and commercial properties accounts for both fire and smoke damage as well as demand surge, debris removal, clean-up and Additional Living Expenses. The majority of losses are to residential properties.
“The destruction caused by these fires is anticipated to be the most expensive in the state’s history, with effects on the insurance industry that will persist into the future,” said Tom Larsen, senior director of CoreLogic Insurance Solutions. “This event highlights the paramount challenge for homeowners and the insurers that support them – the increasing density of homes and properties near the wildlife-urban-interface. Los Angeles is a resilient community, and as they look to rebuild it will be essential to design or redesign with mitigation practices in mind, so an event of this magnitude never happens again.”
