Maui wildfires cause more than $1.3 billion in residential property damage, according to a preliminary estimate | CNN Business

The devastating Maui wildfires, which have killed dozens of people and displaced thousands more, has cost at least $1.3 billion in damage to 3,088 residences, according to a recent preliminary estimate from CoreLogic. CoreLogic, a research firm that assesses property data, found that the vast majority of property damage is in Lahaina, a tourist and economic hub where at least 9,000 people live. The company expects more than 2,808 homes will need to be reconstructed, costing $1.

The catastrophic firestorm also destroyed countless businesses on the island, which the estimate from CoreLogic didn’t include. The structure of the Lahaina properties, combined with the hurricane-force winds and deadly gusts, allowed the firestorm to decimate many of the area’s buildings.

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