California wildfire losses top $1 billion

Aerial footage of the foundation of a burned-down home in Santa Rosa, California. Photo: Jeff Chiu / AP

The cost of the damage from the California wildfires will top $1 billion, per the state's insurance commissioners initial estimates, AP reports. And that figure is expected to rise.

The backdrop: The devastating fires in Northern California have so far killed at least 42 people and destroyed 5,700 buildings and homes, including entire neighborhoods in the city of Santa Rosa.