Corelogic estimates that residential and commercial losses from the recent catastrophic wildfires in California are between $15 billion to $19 billion. According to the analysis, losses from the Camp Fire, the most destructive wildfire in the state’s history, are estimated to be between $11 billion and $13 billion. In addition, losses from the Woolsey Fire in Southern California are estimated to be an additional $4 billion to $6 billion.

“These wildfires have been a personal and financial tragedy for many families,” said Tom Larsen, principal of industry solutions at Corelogic. “The proper estimation of the value of a home is critical because often in situations of wildfire, the home is completely lost. A deficient valuation can lead to a situation where homeowners have inadequate funding to replace their home.”

Fire is covered under a standard homeowners’ policy, so the majority of homeowners are likely to have some protection from the financial challenges surrounding recovery.