More Than 2.6 Million Homes Face the Risk of Wildfire Damage
Data show 14 states have homes that are at moderate to high risk of fire damage, with a potential reconstruction cost of $1.3 trillion
Aug. 13, 2024
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As extreme weather events become increasingly common, both homeowners and insurance companies should be aware of ways to mitigate their wildfire risk.
Natural disasters, including wildfires, are becoming more intense, putting both homeowners and insurers at risk. According to a recent report from financial services company CoreLogic, 2.6 million homes across 14 states are at moderate to very high risk of wildfire damage, with a potential reconstruction cost of $1.3 trillion. The Los Angeles metro area has the highest number of homes at risk, with over 245,000 homes and a reconstruction value of $186.6 billion.
“In recent years, we’ve seen wildfires occur in unexpected places, reinforcing the need to understand the risk landscape and take mitigation action. Both insurers and consumers have a role to play to ensure adequate protection,” said Jon Schneyer, CoreLogic’s director of catastrophe response. “These numbers may seem overwhelming, but research shows that mitigation efforts make a real difference in potential losses from wildfires. The good news is there are actions people can take to lessen the risk.”
