How to rebound after a fire

Question

Hello everyone,

We just had a fire in our fourplex. Only one unit was damaged and the tenant agreed to pay for all repairs. I don't think she can afford to pay for the damages, therefore, we are preparing for small claims court. The fire department is conducting an investigation and will give us a report. Are there any other reports we need?

Shawn Thom · Answer

instead of chasing after the tenant why don't you just file against your insurance.  Get the money, get everything repaired and move on.

The insurance company may go after the tenant.

Curtis Magee · Answer

Thanks for the advise everyone, it was helpful. Rick, the tenant was in place when we purchased and didn't have renter's insurance. We are working to include renter's insurance in out contract. I will post an update as things progress.

Eric H. · Answer

The better your insurance company the easier this process will be. File the claim, get your property fixed, rents stay paid, life goes on.

Watson Smith · Answer

This is why you have insurance. Your policy should cover lost rents so claim that as well. Get 3 estimates on the damage and push back hard on the insurance company if they try and low ball you. I'm dealing with the same issue now in a duplex. Your tenant isn't going to pay and unless they had renters insurance their stuff will be gone as well. I gave mine some Walmart gift cards and clothing and sent them on the way to find a new place to live.

Rici Ryan · Answer

I know you asked a question specifically about reports to obtain. But I'm curious, does your tenant have renter's insurance? Is that something you can require in your state?

Scott Hohensee · Answer

I've been through this and you have received some good advice, as others have said contact your ins co and a private fire adjuster they wont charge anything to come out and give advice, even if you hire them it still wont cost you, they will work on your behalf. and also get several at least three estimates for complete repair. because if you do go through your ins co, you will need those to get your full amount. and as mentioned your company can subrogate against her renters ins or her personaly.

Good luck and be strong

Brandon Ingegneri · Answer

In addition to the fire report, the insurance company may ask for witness statements that the fire department will provide.

Depending on how extensive the fire damage, I would say to contact your insurance company.  I would also hire a public adjustor. They will maximize your insurance payout for a nominal fee.

How to rebound after a fire

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