How To Handle Fire Damage - Park City Property Management
To the benefit of everyone fires are not a common occurrence in Park City property management. However uncommon does not mean impossible and these events can occur. I recently had a fire happen in a property I manage and would like to share with you some tips on what to do once a fire has occurred. Fortunately in this situation no one was hurt. Property can be repaired or replace, lives cannot. The worst thing any landlord or tenant could face is the prospect of a loss of life in an event such as this. A good post you might also want to take a look at is "Fire Prevention Tips For Park City Property Management" which you can find my clicking here. After a fire however there are a few things I can recommend to you that will be of benefit.
Health And Safety
The health and safety of yourself, your tenants, and anyone else affected by the fire is the primary concern. Furniture can be purchased again, carpet can be replaced and structures can be rebuilt. You should be concerned about the health and safety of your tenants, even if they are the cause of the fire. Make sure there aren't any further unsafe conditions in the property. If the damage is severe enough the tenant may need to relocate for a time. All the tenant's personal effects and items will need to be secured or removed. Taking care of the human element in this type of disaster should always be number one. The repair process will be lengthy so be prepared and don't expect an overnight result. Work through the situation with your tenant and help where you are able. If you employ a competent Park City property management company they can be invaluable in these situations, particularly if you do not live near the property. They should have knowledge, contacts and experience to help you navigate these difficult circumstances.
Coordination
Getting all your ducks in a row and all involved parties notified is one of the first big hurdles. Is your Park City long term rental part of a home owners association? If so you should notify the management company and the insurance agent for the association. Utah law has particular requirements as to who pays what and how much in a loss claim like this. You should notify all parties even if they eventually have nothing to do or contribute to the mitigation and repair. Once everyone is on the same page progress can be made towards restoring the property. Some mitigation work should be performed immediately such as removing any standing water and installation of fans and dehumidifiers if there was a fire sprinkler system that suppressed the fire. While a complete repair may take time these initial steps can help keep a bad situation from getting worse.
Insurance
As a landlord you should always carry insurance and you should always require your renters to carry renter's insurance. The last thing you want to is have an incident like this occur and not be covered. My management contract requires that an owner carry insurance and my lease requires it of a renter, you should do the same. Hopefully you aren't reading this after a fire and kicking yourself for not having done the right thing.
If you would like more information about handling fire damage or further information about Park City property management in general click the link below for a free consultation. You will receive valuable information specific to your property that will help you make an informed decision. You will also receive a free, no-obligation quote on our property management services. At CC Realty we specialize in making investment property ownership a trouble free experience. Please contact us today for your free consultation.
