This post is part of a series sponsored by CoreLogic.
August 8, 2024, marked one year since the Lahaina Fires in Maui, which burned about 6,500 acres and destroyed more than 2,200 structures, leaving the community of Lahaina devastated. While this event highlights the vulnerability of certain regions to wildfires, it also underscores a growing trend: the increasing frequency and severity of wildfires across the United States.
This year alone, as of mid-July, more than 24,000 wildfires have burned more than 3 million acres across the country. California remains particularly vulnerable, with more than 3,800 wildfires already affecting nearly 200,000 acres. Such statistics highlight the urgent need for effective strategies to manage wildfire risk, especially in light of a changing climate.
The recently released CoreLogic 2024 Wildfire Risk Report examines the current state of wildfire risk across the US, providing valuable information for communities, insurers, and policymakers alike. The report not only assesses wildfire risk at the national, regional, and metropolitan levels, but also provides an overview of risk reduction strategies, management changes, and recovery efforts.
Another important finding of this report is the alarming number of homes at risk in the western US More than 2.6 million homes are at moderate or high risk, with a combined cost of rebuilding $1.2 trillion. California, Colorado, and Texas lead the way in the number of homes at risk, many of which are located in the Wildland-Urban Interface (WUI)—areas where homes are near forests or undeveloped areas, making them more vulnerable to wildfires. .
California is also facing a unique regulatory transition. In June 2024, the California Department of Insurance (CDI) unveiled a new program that allows insurers to use catastrophe models in pricing only if insurers increase their underwriting of policies in high-risk wildfire areas.
The CoreLogic report also examines the effectiveness of various wildfire mitigation strategies, highlighting findings from research funded by a California Resilience Challenge Grant. Following the 2018 Camp Fire in Paradise, California, a joint study by the City of Paradise, Milliman, Inc., and CoreLogic examined wildfire prevention practices at the individual and community levels to measure wildfire risk reduction and impact on homeowners insurance premiums California Wildland Interface ( WUI).
Finally, the CoreLogic report provides an update on Lahaina's recovery, emphasizing the slow but steady progress being made. With almost all the damaged areas cleared, the reconstruction process has begun, although challenges remain, especially in terms of labor availability.
Know Your Risk. Speed Up Your Recovery.™
By understanding the current state of risk and implementing effective mitigation strategies, we can better protect our communities from the devastating impact of wildfires. To learn more about this year's key findings about the growing threat of wildfires and how communities can be more resilient, read the CoreLogic 2024 Wildfire Risk Report.
©2024 CoreLogic, Inc. All rights reserved. Although all content and information is believed to be accurate, CoreLogic makes no guarantee, representation, or warranty, express or implied, including but not limited to the completeness, accuracy, functionality, or suitability, with respect to the content or information or products referred to herein and assumes no liability or responsibility of any content or information or products mentioned herein or any reliance thereon. CoreLogic® and Know Your Risk. Accelerate Your Recovery™ are trademarks of CoreLogic, Inc. or its affiliates or subsidiaries.
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