Wildfire property damage could reach $65 billion in Northern California

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Wildfire property damage could reach $65 billion in Northern California – Oct. 11, 2017

Flames engulf California wine country

The wildfires raging across Northern California could cause up to $65 billion in property damage, according to a new analysis.

CoreLogic, the property analytics firm, says 172,117 homes in the Napa and Santa Rosa regions are at some level of risk. It compiled the data based on where homes and five active fires are located in the area.

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Of those homes, the firm says about 6% are at a significant risk of damage and could cost $5 billion to rebuild. CoreLogic’s estimates factor how much homes would cost to rebuild if they were totally destroyed.

While most of the homes in the region are not considered at significant risk of damage, CoreLogic says there’s still reason to be wary. The wildfires can easily spread to those nearby homes even if they are not considered of high risk on their own.

Related: California fires shake winery owners

The blazes have killed at least 17 people so far, and hundreds of firefighters are working to tame them. The fires have burned more than 122,000 acres in California. The largest fires were in Sonoma, Napa and Mendocino counties — areas known as the state’s wine country.

As of late Tuesday, more than 20,000 people had been ordered to evacuate.

–CNN’s Nicole Chavez contributed to this story.

CNNMoney (New York) First published October 11, 2017: 11:09 AM ET

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