If Oroville Dam failed, residential loss could top $13 Billion
February 15, 2017
• More than 50,000 homes would be at risk
• State officials say the dam is sound
If the Oroville Dam were to fail completely, something that state officials say they do not expect, 50,047 single- and multi-family residential homes within the six primary counties at risk could be damaged with an estimated reconstruction cost value of $13.3 billion, according to new data analysis from financial information company CoreLogic Inc. (NYSEL CLGX) of Irvine.
The dollar amount reflects the cost to rebuild a property assuming 100 percent destruction of the homes in Butte, Colusa, Glenn, Sutter, Yolo and Yuba counties.
Of the at-risk homes, only 12 percent are in a “Special Flood Hazard Area” as designated by the Federal Emergency Management Agency. Homes with a mortgage identified as in an SFHA are required to carry flood insurance, but many homeowners do not carry flood insurance if they are not required to do so.
The majority of homes at risk are between 20 and 60 miles from the dam, totaling 33,967 properties with an estimated reconstruction cost of $9.8 billion, according to CoreLogic. Additionally, there are 16,080 homes at risk of damage less than 20 miles from the dam with an estimated rebuild of $3.5 billion, it says.