Nearly 50,000 homes in California are at "high or extreme risk" from the wildfires devastating large parts of the state, according to CoreLogic.
The data analytics provider warned that 48,390 homes with a total reconstruction cost value (RCV) of approximately $18bn could be damaged by the Camp and Woolsey fires in northern and southern parts of California.
CoreLogic said 31,394 and 16,996 homes are under threat from the fires Camp and Woolsey respectively.
Due to the "unpredictable nature" of both wildfires, and the evolving disaster in California, not all homes in the areas are currently within the burn perimeter of the fires, CoreLogic added.
RCVs reflect the cost to rebuild a property in the worst-case scenario i.e. total demolition of the structure and the subsequent cost of labour and materials by geographic location.
CoreLogic saidwildfire events are more likely to cause total loss to affected structures, while other hazards may cause partial destruction "but rarely eliminate an entire property."
Moody's yesterday estimated insured losses from the blazes in California could be $3bn to $5bn.
The Camp fire started near the Pulga area of northern California on 8 November and is now the most destructive in the state's history, killing 42 people, destroying around 117,000 acres of land and over 7,000 buildings.
Woolsey alsobegan on 8 November in the Ventura County area of southern California and has since killed two people, destroyed around 94,000 acres and over 400 buildings.
US President Donald Trump has approved a request for a major disaster declaration in the state, having earlier blamed poor forest management for the fires.
I just approved an expedited request for a Major Disaster Declaration for the State of California. Wanted to respond quickly in order to alleviate some of the incredible suffering going on. I am with you all the way. God Bless all of the victims and families affected.
— Donald J. Trump (@realDonaldTrump) 13 November 2018
There is no reason for these massive, deadly and costly forest fires in California except that forest management is so poor. Billions of dollars are given each year, with so many lives lost, all because of gross mismanagement of the forests. Remedy now, or no more Fed payments!
— Donald J. Trump (@realDonaldTrump) 10 November 2018
