Wildfires in 2 Northern California Metros Risk Homes Valued $65 Billion
October 10, 2017 by Paul AusickWildfires that struck suddenly Sunday night have claimed more than 10 lives and more than 1,500 homes in the northern California counties of Sonoma and Napa, two of the country’s leading wine-making regions. The cities of Napa and Santa Rosa have been severely hurt already and the damage could skyrocket to as much as $65 billion.
According to a hazard risk analysis of the Napa and Santa Rosa metro areas there are more than 172,000 homes at some level of risk of damage from the wildfires with about 6% (11,058 homes) at “high” or “extreme” risk. The value of these homes tops $5 billion.
The analysis is based on CoreLogic’s Wildfire Risk Score which indicates the level of susceptibility to wildfire damage and includes risk associated due to the property’s location and close proximity to other high-risk properties or areas. The higher the score, the greater the risk of damage.
Based on more than a dozen other fires currently raging in other parts of the state, CoreLogic also estimated the risk to all threatened homes, as well as providing an estimate for the reconstruction cost value (RCV) to rebuild a home based on geography, labor and materials costs, and 100% destruction of the home.
In the Napa metro area, 2,585 homes are at ‘high’ or ‘extreme’ risk from the Patrick, Atlas, and Tubbs wildfires. The total RCV for those home is $1.19 billion.
In the Santa Rosa metro area, a total of 8,471 homes are rated at ‘high’ or ‘extreme’ risk from the Nuns and Pocket wildfires. The RCV for these homes is estimated at $3.84 billion.
Across the entire state a total of more than 645,000 homes are rated to be at ‘high’ or ‘extreme’ risk from the current wildfires. Total RCV for these homes is a staggering $254 billion.
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