$6 Billion In Real Estate Destroyed In Woolsey Fire: Report

MALIBU, CA – The Woolsey Fire destroyed or damaged as much as $6 billion in real estate, according to a new estimate by CoreLogic.

The real estate tracker reported that the property losses for the Woolsey Fire in Los Angeles and Ventura counties will cost between $4 billion to $6 billion. Of that total, $3.5 billion to $4.5 billion will come from residential properties and up to $500 million from commercial real estate, the Orange County Register reported.

CoreLogic says its estimates include the costs of buildings, their contents and additional expenses incurred by the property owner – and noted insurers will pick up much of the tab.

Mercury Insurance on its own estimated $46 million in loses from the Woolsey Fire in Southern California, the company announced Tuesday.

The loss amount, which will be recorded in the fourth quarter of 2018, represents Mercury General Corp.'s best estimate based on the information available, and could change as new information – including any late reporting of claims – becomes available.

The company is party to a Catastrophe Reinsurance Treaty covering a wide range of perils effective through June 30. For the 12 months prior to that date, the treaty provides $205 million of coverage on a per occurrence basis after covered catastrophe losses exceed the $10 million company retention limit, Mercury said.

The fire, which killed three civilians and injured three firefighters, destroyed 1,643 structures, damaged 364 others and charred 96,949 acres.

Fire damages from Northern California's Camp Fire were estimated to be between $11 billion and $13 billion, according to CoreLogic. Residential losses run between $8 billion and $6 billion while commercial property losses run $3 billion and $4 billion.

The wildfire, which decimated the Butte County town of Paradise, killed 85 people, burnt 153,336 acres, and destroyed roughly 14,000 homes and 4,800 businesses and other structures, according to Cal Fire.

City News Service contributed to this post; Photo: Los Angeles County firefighters attack flames approaching the Salvation Army camps in Malibu Creek State Park during the Woolsey Fire on November 10, 2018 near Malibu, California. (Photo by David McNew/Getty Images)