My Rental Property Flooded

[Jeff Kissling]

Looking for advice.... My rental property flooded. The toilet (feeder line) broke on the 2nd floor while the tenant was not home and did quite a bit of damage. The unit needs all new flooring/carpet,Sheetrock (walls/ceiling) , tile, base boards, paint, etc. In the current enviroment, it is tough to find labor and I expect this project will take 2 months to get all the materials and labor. The tenant still has 7 months on their lease. They are wanting to try and stay duing the renovation, yet I do not think it is a good idea. Can I terminate the lease?...Any other options? My insurance will cover lost rent.