Calif. Wildfire Insured Loss Could Hit $150 Million

The insured losses from the wildfire raging through forests south of Lake Tahoe, Calif., will run between $100 million and $150 million, according to a risk modeling firm.

Newark, Calif.-based Risk Management Solutions came out with its estimate as the Angora wildfire continued to ravage residences. As of yesterday, 305 buildings and outbuildings had gone up in flames, according to a report issued by the State of California.

The fire has consumed almost 3,100 acres, according to RMS.

"The Angora fire is the largest to have occurred in the Tahoe region in over four decades," said Don Windeler, director of wildfire risk modeling at RMS.

As of yesterday, there were 298 claims from the fire, and that number is expected to rise, said Tully Lehman, spokesperson for Insurance Information Network of California.

But Mr. Lehman said it is too early to say how much insured losses will be.

"It is too early to tell about claim amounts. Claims may be additional living expenses, so we don't know as of now," said Mr. Lehman.

The claims include homeowners, automobile and commercial, according to IINC.

Homes affected by the fire are a mix of high-priced and low-priced homes, said Mr. Lehman.

There have been no fatalities and three injuries since yesterday, according to the report by the State of California.