First issue as a landlord

CoffeeIcePapers

Well-Hung Member
Well, that didn't take long. They've only been in the place a month and a half and I have ran into my first issue. Apparently, a pipe burst in the slab foundation and it pooled up in the bedroom and hallway. The carpet was going to replaced anyways and it only ruined about 10 sections of laminate, so no biggie. The problem is that it's probably going to cost an arm and a leg to detect the leak, cut the slab and replace it.

I have a rental dwelling policy, but don't have my policy handy. I called State Farm to see if it will be covered. My deductible is 1%, which will be about 1000. I have a plumber coming out tomorrow to estimate what it will cost. I am thinking it will be around 1500 just to do the work, not including replacing the carpet and laminate. It will probably be another $500 to replace the carpet, baseboard, and laminate. I don't really have time to do it myself. They will probably have to be put up in a hotel while the work is completed.

Thoughts?
 
Do they cover the displacement of the tenant for 7 days? 14 days? I have heard of loss of revenue coverage, but not relocation or displacement cost coverage.
 
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