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Rental destroy by fire 2 - Landlord Forum thread 354581

Rental destroy by fire 2 by Anonymous on October 11, 2017 @21:05

                              
Fire undetermined as recorded by Fire Department? Still under Detective investigation.The tenants not present when fire took place at 5 AM , dog not at the home, rent was due on the same day fire happen ? Questions burnt furniture and personal items who removes it? Our insurance do not cover tenants personal items.Keys for the home has not been return and prorated rent has not been paid? It sound very petty should these items nonpayment with non furniture removal be part of the settlement? Lastly, The home has been totally damaged 75,000 dollars loss Insurance covers only 50,000 principle owned on the home is 32,000 its a down market lots of foreclosures . My question is it worth rehabbing it or let it go? Please advise North Carolina.
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Re: Rental destroy by fire 2 by Anonymous on October 12, 2017 @09:28 [ Reply ]
How much was your home worth the day before the fire? What do you mean by let it go? Were you thinking about taking the insurance money, and not pay off your mortgage, thereby letting the bank foreclose on you? Why were you not carrying enough insurance to cover the market value of your home?

If the home isn't livable, your tenants will probably come back, sift through what is salvageable for them to take with them, and leave you with everything else to take to the dump. You, on the other hand, will probably keep their deposit, to go towards any unpaid rent, and hauling away their stuff. You will probably never see them again after that. They will have no money for you to sue them for, as they lost most of their possessions in the fire, and they will have to replace them at their expense.
Re: Rental destroy by fire 2 by Anonymous on October 12, 2017 @17:07 [ Reply ]
if you had decent insurance there should be coverage for fire debris cleanup. tenants should be notified and allowed to claim their salvageable property IF FD DETERMINES PROPERTY IS SAFE TO ENTER. Your insurance company will probably issue any checks payable to BOTH YOU AND THE BANK THAT holds your mortgage,....(THEY'VE BEEN TO THAT RODEO BEFORE). If you had inadequate insurance limits or the wrong types of coverage, unfortunately that's your problem. Penny wise and pound foolish to save on premium dollars or go with sub-standard carriers. good luck. Perhaps a public adjuster retained by you might be of net value.

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