Landlord Versus Tenant Flood Responsibilities
Tenant Flood Responsibilities vs. Landlord Flood Responsibilities
Flooding in Denver, CO, can be stressful and confusing. Once you and your family are safe, it is time to think about repairing and restoring your home or business. Homeowners, business owners and renters alike now have to navigate the waters of insurance coverage. For homeowners, the process is likely to clear. For landlords and tenants, however, it may be a bit more complicated. What does commercial property insurance cover? What does renter’s insurance cover?
The first step as a landlord is to know your insurance coverage. Flood insurance is not typically part of general property insurance. Talk to your agent about your specific policy. Landlords are responsible for the following in the case of a flood:
• Whether insurance covers flooding or not, you as the property owner are still responsible for returning the dwelling to a safe, livable situation for your tenants. This must be done in a reasonably timely manner, so contact a water restoration specialist as soon as possible to avoid secondary damage from occurring.
• Damages to the building are covered by the landlord, including all appliances that were not purchased and installed by the tenants. Flooring, drywall, electrical and other structures are under the property owner’s purview as well.
The landlord is not responsible for all damage, so as the tenant it is important to obtain renter’s insurance and know what is covered. As with landlords, flood coverage is not typically included in basic insurance, so talk to your agent about the details. Tenants should know the following information:
• As a renter, your personal belongings are covered under your insurance.
• Relocation, if the apartment or dwelling is unlivable, is usually covered by your insurance and rent does not need to be paid during that time. You may choose to discontinue the lease if the damage is severe.
Whether you are the landlord or tenant, obtain the appropriate insurance coverage. Understand what your property or renter’s insurance covers, and what your responsibilities are in the case of a flood in Denver, CO.