Projected costs from Bastrop wildfire in Texas rise
Officials in Texas say the costs from the massive Bastrop wildfire which occurred this past fall - the most expensive ever in the state - have continued to grow.
Insured losses from the wildfire are now expected to reach $325 million, with more than 1,600 homes destroyed, according to the Insurance Council of Texas. While more than half of the homeowners insurance claims have been paid, some residents are still picking up the pieces.
"The insurance industry was handing out checks the day after the fire to homeowners who had lost everything," said Mark Hanna, a spokesman for the Insurance Council of Texas. "The recovery process will simply take time as insurers continue to pay for additional living expenses for homeowners who are either rebuilding or seeking a new place to call home."
The revised estimates only add to what has been by far the costliest year ever for wildfires in the state. The $500 million in insured losses this year dwarfs the previous record of $115 million set in 2009.
The Bastrop fire was one of several fires fueled by extreme drought this year. Combined, the National Oceanic and Atmospheric Administration says the fires in Texas, New Mexico and Arizona caused more than $1 billion in losses.
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