More than 2.5 million properties across the 10 most exposed states in the western U.S. carry a moderate or greater risk of wildfire. These properties represent a combined reconstruction cost value (RCV) of nearly $1.4 trillion, according to Cotality’s 2026 Wildfire Risk Report.
The report examines four key factors — risk assessment, property-level mitigation, insurance coverage and dynamic landscape changes — that show how localized wildfire risk can escalate into broader exposure.
While California carries the greatest share of exposure — 1.28 million at-risk properties representing $850 billion in RCV — wildfire risk is far from confined to one state. Almost half of all at-risk properties in the top 10 states (49.9 percent) sit outside California. Colorado and Texas alone represent nearly 560,000 at-risk properties and $252 billion in RCV — nearly matching the $277 billion carried by the remaining seven states combined. Oregon, Arizona, Idaho, New Mexico,
