LOS ANGELES (CNS) — The Woolsey Fire destroyed or damaged as much as $6 billion in real estate, according to a new estimate.
Real estate tracker CoreLogic reported that the property losses for the Woolsey Fire in Southern California will cost between $4 billion to $6 billion. Of that tab, $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.
The fire, which killed three civilians and injured three firefighters, destroyed 1,643 structures, damaged 364 others and charred 96,949 acres.
CoreLogic says its estimates include the costs of buildings, their contents and additional expenses incurred by the property owner. CoreLogic noted insurers will pick up much of the tab.
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.