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Rental property totaled - fire damage due to burning car - options?

So I own a multi-family property with 3 leases in a landlord-friendly city/state, though I am out-of-state. And I got a call from the property management company saying that a car caught on fire next to the house and damaged the house. One of the tenants had just moved out weeks ago, prior to the incident. I got a text today from the tenant renting out the garage for storage that he had to move out. Nobody was hurt. It was actually on the local news, and the owner of the car was in the video, along with the fire department. Sounds like he was having car problems and temporarily parked by the house and then it ended up catching on fire.

The homeowner's insurance company is reviewing the claim and thinks that it is a total loss and is waiting for approval from his supervisor. I don't yet have details of the claim amount. My homeowner's insurance is actual cash value (ACV), and the home has appreciated a little bit over the amount of fire damage coverage (policy fire coverage is 155,000, property appraised at 171,000 last year). It seems like I should get the ACV amount and lost rent, but I'm thinking maybe it won't cover everything due to the home replacement cost being worth more, and factoring depreciation. Is there room for negotiation?

Is there a way I can go after the owner's car insurance liability/umbrella coverage? Considering we know his name and he was interviewed for the news clip. Where would I start and what would be the process? Would it involve the homeowner's insurance company?

Any advice or insight would be appreciated, as I've never been in this situation.

submitted by /u/growingharder
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/hieigs/rental_property_totaled_fire_damage_due_to/
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