When you have an electrical fire the first thing you should do if possible is go to the circuit breaker box and cut the power off to the house.
You could cut the power off just to that circuit but in the event of an electrical fire it's best to just shut the main breaker off to the whole house so no electricity is flowing through the wires.
Then use a fire extinguisher if safe to do so to put out the electrical fire before it gets too big or use water but do not use water on the electrical fire if the electricity is still flowing through as it will shock you.
If you cannot stop the electrical fire then get out of the house and call 911 to get the fire department out.
But if safe to do so shut the electric off and put the fire out but only if safe to do so.
You can replace a house but not your life.