Water Damage in a condo I own… HELP!!!?
February 7, 2010 by
Filed under condo water damage
I live in California, but own a condo in Arizona. The condo I own has a tenant who is in her 70’s.. She’s been there about a year and has been great.
PROBLEM —- I have a bottom unit and the water heater in the above condo caused water damage to mine and three other units.
If I am living in another state, what can I do? Do I need to go to court? I have a property manager.
Also, I was just emailed paperwork yesterday that my tenant wants to renew the lease on June 1st for 6 more months.. She already signed the lease and all I had to do was send it back.. But, if because of this water damage, I lose this great tenant, is there anything I can do?
The property mangaer wants me to give the tenant $200 for storage as a “good favor.” But by doing this, how do I make sure she’ll come back?
Help!
Contact the insurance company and file a claim under the policy you have for the condo.
They will pay to repair the damage. They can bring in a restoration company and handle it turn key. Makes the process much easier.
Depending on your policy form, you may have Loss of Use coverage. This will pay (per the policy provisions) for the rent you lost while the condo is being repaired.
If your insurance company thinks they have grounds to pursue the upstairs condo owner for repayment….they will go after them. If they are successful getting paid, they will forward your deductible onto you.
In the mean time, you have gotten your condo repaired and rented back out and moved on with your life.
Depending on how long the repairs will take, your tenant may be able to make other temporary arraignments (such as stay in an extended stay hotel — has full kitchens etc for a month.) You could offer to pay the difference between what her normal rent is and the cost of the extended stay. She wold pay her “rent” to the extended stay hotel. Then when the condo is repaired, she can move back in. It it’s only a month or two, she may be willing to do that.