How Do I Manage My First Fire - Multi Family

[Andy Ballew]

Hi BP,

Hoping some of you can help guide me through my first and hopefully only fire.

I received the frantic call from the tenant a few days ago. Short story is the fire started as a result of her negligence. The fire burned the entire kitchen. As you might imagine the entire unit has smoke and water damage. The other units also have smoke damage with a bit of structural damage.

Currently I am in the process of getting bids. I have also already reached out to my insurance company and plan to meet with them late next week for the walk through with the adjuster. 

The silver lining is that I hope to take this opportunity to remodel the home bringing the floor plan up to date, knocking out a wall, removing the wood paneling, relocating the water heater from a bedroom closet, etc.

Here are few questions:

• I have read that some suggest getting a public insurance adjuster in order to get the most money back for repairs. Anyone have experience/advice here?
• Any general suggestions on acquiring bids for the project?
• Any suggestions on how to best leverage the money received for the repairs so that I have enough to make the updates I plan to make?
• Surprisingly the tenant tried to spend the night in the home following the fire. She eventually left after I explained how that was not an option. Now I am waiting for her to come get her things, I have given her about a week. Any suggestions on how to best manage this process. The challenge is that she says she has nowhere to go. Side note: I require renters insurance, she did not pay her last month. :(

As tough as the situation is I am thankful no one was injured and the damage wasn't more severe. Looking forward to reading your thoughts on the above.