With Renters insurance mandated in more communities, Denver rental property management companies may have the following questions about renters insurance:
1. Does the resident have to file claims? No, claims can be filed by the management, resident, or owner.
2. Does the policy cover furniture? If the policy includes contents coverage.
3. Are roommates covered? Yes, if they are listed on the policy.
4. Will a policy be cancelled if the resident causes a fire? Most of the time, no.
5. Does filing a claim increase the price? Usually, no.
6. Are pets covered? Usually bodily harm caused by pets is included, but you may have to add coverage for pet-caused property damage.
7. Is mold damage covered? Usually mold damage is only covered if caused by a sudden accident, but not if mold appears over time due to neglect.
8. Insects? Bedbugs and other insects are usually not covered.
9. Is intentional damage, discovered after a resident leaves, covered? Usually not.
10. What happens if a resident dies in the apartment? Most policies will cover up to $2, 000 for approved cleanup service.
Renters insurance protects both residents and management, and knowing the details is crucial for Denver rental property management companies.