Wildfire damages to top $1 billion

Tallying damages from the devastating October wildfires, insurers expect homeowners’ claims ultimately to total $1.26 billion. So far, they have paid out $752.7 million, settling 84% of the 12,902 residential fire claims, according to a poll by the Insurance Information Network of California, whose member companies write more than 66% of the homeowner insurance policies in the state.

The majority of settled insurance claims are for “partial losses,” or household damage caused by smoke or even firefighting materials. The network is reminding fire victims still working toward recovery that they should maintain a calendar of benchmark dates for decisions on rebuilding and completing insurance claims.

Separately, the Insurance Services Office in New Jersey, which compiles and analyzes national claims and catastrophe statistics, said more than 19,100 homeowner, auto and commercial insurance claims were filed as a result of the wildfires. It estimated total insured losses from the firestorms will reach $2.04 billion.