T
he January 2025 wildfires in Southern California will likely be the costliest blaze in U.S. history, with significant damage to real estate properties. CoreLogic estimates that insured properties in the main wildfire zones suffered $30 billion in damages, affecting nearly 17,000 properties.
As businesses and property owners navigate the recovery process, they face numerous questions about claims, financing, and legal issues. While the road ahead will be challenging, several resources are available to provide guidance. Our Los Angeles-based real estate team is prepared to advise landlords and tenants on the complex legal challenges they'll encounter in the coming weeks.
The State of California has established a webpage with information and resources for those affected by the wildfires, including real-time updates and aid applications. Governor Gavin Newsom's executive order aims to streamline rebuilding efforts for homes and businesses destroyed in the firestorms.
Key resources include:
* The California Department of Insurance's Wildfire Recovery and Readiness page, which offers disaster recovery resources primarily geared towards residential property owners but applicable to various real estate interests.
* FEMA's information for wildfire victims, including how-to guides on financial assistance applications.
* The U.S. Small Business Administration's (SBA) dedicated webpage for the California wildfires, providing details on eligibility requirements, loan types, and application procedures.
If you're a commercial real estate landlord or tenant with legal questions related to the wildfires, please don't hesitate to contact Mhare Mouradian, MaryBeth Heydt, or your Husch Blackwell attorney.
