As insurers began to cope with claims from burned out homeowners, fires continued to rage in Southern California consuming houses, businesses and acreage in one of the worst wildfires to hit the state in years.
The Insurance Information Institute said its very preliminary estimate of insured damages is that they will exceed $500 million–a figure including not only damaged and destroyed homes, but payments for additional living expenses and losses to businesses.
“The Southern California wildfires continue to spread rapidly under the influence of the powerful Santa Ana winds,” said Neena Saith, catastrophe response analyst at Risk Management Solutions, a catastrophe modeling firm.
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