California's Pajaro River overcame its levee, causing a partial collapse, according to CoreLogic, which reported 5,895 residential structures in Pajaro and Watsonville, California, were at risk of flooding from the March 10, 2023, event. The structures' combined reconstruction value (RCV) is estimated at $2.88 billion.
The levee, which has been tested on several occasions since its construction in 1949, failed once before due to flooding in 1995. According to the National Levee Database, flooding had been a frequent occurrence in the region.
CoreLogic noted its estimate represents the cost to rebuild a home after its complete destruction, and that only a portion of structures in Pajaro and Watsonville were flooded.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
