How to add an interested party to a renters insurance

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An interested party on a renters insurance policy is someone who is notified by your renters insurance provider that you have coverage, and they will be notified if you cancel or make a change to your policy. In most cases, an interested party will be your landlord, in order to confirm that you have renters insurance—a common requirement for renting an apartment or house. An interested party is also sometimes called an “additional interested” or “third party designee.” Being named as an interested party doesn’t allow your landlord to make a claim on or make changes to your renters insurance—it only entitles them to know the status of your policy.

Why Do Landlords Require You to List Them As Interested Parties on Renters Insurance?

It’s increasingly common for landlords to require tenants to purchase renters insurance , as it limits the financial liability of both the landlord and the tenant in case an accident occurs. If you have to buy renters insurance as a condition of your lease, noting your landlord an interested party will provide them with proof that you’ve purchased a sufficient amount of renters insurance coverage.

How Do I Add a Renters Insurance Interested Party?

Noting your landlord as an interested party to your renters insurance policy is straightforward, though the process may differ slightly by insurance company. Most renters insurance companies, including State Farm, Geico and Lemonade, allow you to add an interested party online. You’ll just need to provide your landlord’s contact information, including their name, address and email. Your landlord will get a description of your renters policy via email or regular mail shortly after you add them as an interested party.

Adding a renters insurance interested party is typically free. If you find a renters insurance company that charges more than a dollar or two per month to add an interested party, consider looking elsewhere for a better deal on renters insurance , as even a few dollars per month will add up to a significant increase in the cost of insurance.

The Difference Between Additional Interest and Additional Insured

“Additional Interest” and “additional Insured” are two similar-sounding terms related to renters insurance that have very different meanings. Additional interest is simply another name for an interested party—someone who wants to know whether you have renters insurance. It’s common to add your landlord as an additional interest.

“Additional insured,” on the other hand, is another person covered by your policy, and adding your landlord as an additional insured is a very bad idea—for you, your landlord and your insurance company. In fact, most renters insurance companies won’t let you list your landlord as an additional insured at all.

If you add someone to your policy as an additional insured, it means they are protected by your policy’s liability coverage . You might commonly add your spouse or your roommate as an additional insured, so that you’re all protected under the same policy. If you add your roommate to your policy and a visitor is injured by your roommate’s dog, the liability policy would cover any damages.

However, adding your landlord as an additional insured makes it impossible for either of you to make a claim against one another’s liability policies for damages. For example, if faulty wiring causes a fire in your apartment, you and your insurance company would normally sue your landlord and their insurance company to cover the less. But if you and your landlord are protected by the same policy, you’re prevented from suing your landlord—it’d be like suing yourself or your spouse. And this works both ways: If you’re the one responsible for the fire, the landlord would be unable to sue you for damages because you’re both protected by the same policy.

If your landlord requests you to add them as an “additional insured” to your renters policy, they likely mean “additional interested.” Clarify what they mean before adding them as an additional insured under your renters insurance.

Matt is a Technical Writer at ValuePenguin who works on distilling the complex details of insurance into accessible advice. He previously created educational content at Grovo Learning and MarketSmiths Content Strategists. Matt’s consumer-focused analysis of insurance has appeared in publications like CNBC, Yahoo Finance and the Miami Herald.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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What Is Additional Interest in Renters Insurance?

When renting property, it’s a good idea to carry renters insurance. A tenant might even be required to do so by the landlord, who might insist that the tenant add her name as an “additional interest” or “third-party designee” on the policy. This ensures that the insurer alerts the third party, in this case the property owner, if the policy cancels or doesn’t renew.

Covering Renters

Property owners purchase insurance on their rental property to protect the property against disasters, such as fire. The policy typically covers structural damage or any of the owner’s property in the dwelling, but it does not insure the renter’s personal belongings. Renters insurance protects the renter’s possessions, covers the tenant in the event of lawsuits by guests or visitors injured in the home and provides additional living expenses if the renter is displaced after a disaster makes the house uninhabitable.

Protecting Landlords

Landlords require tenants to buy renters insurance for several reasons. First, it decreases the chance the tenant will sue the landlord if his possessions are damaged as a result of an event covered by the owner’s policy. The renters policy can also pay for the removal of the renter’s damaged property left behind after such a disaster. In addition, liability coverage can protect the landlord if someone is injured or has property damaged on the premises, especially if the incident results from the negligence or actions of the tenant. If it results from the landlord’s negligence, the owner’s policy covers the damages or lawsuit costs.

Adding a Third Party Designee

A landlord named as an “additional interest” can monitor the state of the policy and make sure it stays in force. The landlord receives all relevant correspondence pertaining to the policy, as the insurer will notify the third party of any changes in the policy. This way the landlord receives notice if the renter provides proof of insurance at the beginning of the lease but then cancels or fails to renew the policy.

Paying for the Policy

Both the renter and the landlord benefit from the protections of renters insurance — and for a relatively inexpensive price. Typically, a renters insurance policy costs less than $20 a month, depending on the value of the renter’s possessions. As of 2019, renters in North Dakota pay the lowest monthly premium ($9.58), and renters in Mississippi pay the highest monthly premium ($20.33). Most major insurers add an additional interest or third-party designee to the policy for no additional cost.

  • Effective Coverage: Additional Interest Vs. Additional Insured
  • Allstate: What is Renters Insurance?
  • Effective Coverage: What Is A Renters Insurance Interested Party?
  • Value Penguin: Average Cost of Renters Insurance (2019)
  • Insurance Information Institute. “Your Renters Insurance Guide.” Accessed May 11, 2020.
  • State Farm. “How Can Renters Insurance Protect Both Landlord and Renter?” Accessed May 11, 2020.
  • Travelers. “Renters Liability Coverage.” Accessed May 11, 2020.
  • USA.gov. “Property Insurance.” Accessed May 12, 2020.
  • National Association of Insurance Commissioners. “NAIC Releases Report on Homeowners Insurance.” Accessed May 12, 2020.
  • Insurance Information Institute. “Renters Insurance.” Accessed May 12, 2020.

Chris Brantley began writing professionally for a financial analysis firm in 1997. From 2000 to 2004, he worked as a financial advisor, specializing in retirement planning and earned his Series 7, Series 66 and insurance licenses. Brantley started his full-time writing career in 2012 and has written for a variety of financial websites, including insurance, real estate, loan and investment sites. He holds a Bachelor of Arts in English from the University of Georgia.

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Why Landlords Want to Be Listed As Interested or Third Party on .

When you buy a home, your homeowners insurance is generally tied into your mortgage for a reason. As with a mortgage company, a renter’s landlord has a vested interest in whether the tenant has renters insurance on the contents of the unit. Renters insurance additional interest simply refers to the requirement that your landlord be on your policy as having an interest in being notified if there are any changes to your insurance coverage.

An additional interest refers to a person or business listed on a renters insurance policy as having an interest in the policy. This allows the party to be notified if you change or cancel the policy during your lease.

Renters Insurance Additional Interest

Initially, it may sound like renters insurance additional interest refers to some type of interest you’re required to pay. In actuality, though, “interest” refers to additional parties that may have an interest in your policy. Your landlord would be an interested party when it comes to the insurance you hold on the unit you’re renting.

Renters insurance is primarily set up to cover the valuables inside your apartment if a fire, natural disaster or other unexpected event causes damage. However, it also offers liability coverage if you damage property in common areas or your dog bites someone. For that reason, your landlord has a vested interest in the status of your renters insurance.

Additional Insured vs Additional Interest

It can be easy to confuse additional insured as something that sounds similar but is completely different. When you’re looking at additional insured vs additional interest home renters insurance, the biggest difference is that additional insured means you’re adding another person to the policy. Additional interest parties can check on the status of your policy but those who are listed as additional insured actually enjoy at least limited coverage under it.

One of the most important areas of difference with additional insured vs additional interest home renters insurance is liability. If someone sues the person renting the property after an injury, having an additional insured vs additional interest home renters policy will make a big difference. The renters insurance additional insured may be covered by the insurance policy in a lawsuit, while the additional interest party won’t be.

Misuse of Additional Insured

Whether it’s homeowners or renters insurance, additional insured should be used very carefully. The fact that they can easily be misunderstood can lead to costly errors. The biggest reason for this is that two parties listed on the same policy can’t sue each other. That means if your landlord somehow talks you into listing him as additional insured instead of additional interest, you may be out of luck if something goes legally astray.

If anyone, from a landlord to a contractor or even a roommate, asks to be added to your renters insurance as additional insured, make sure you fully understand what that means under the terms of your own policy. In addition to the liability issues that come with doing that, you’ll also face an additional cost. Additional interest is geared toward anyone who has an interest in making sure the property stays insured, but it has nothing to do with adding the person to your policy or paying more money to have that person included.

How to Name Additional Interest

When a landlord or property management company asks to be named as having an additional interest on your insurance policy, you’ll have to take action on your end to make sure that happens. This is in addition to providing proof of insurance, which will likely be required whether the overseer of your property wants to be named as an additional interest party or not.

Chances are, before you’ll be greenlit to move into the rental property, you’ll be required to have renters insurance already set up. If you don’t already have a policy, you can request the additional interest party be added when you secure your renters insurance. In some cases, you may be able to add the additional interest on the insurance company’s website, but other insurers will require that you contact them to set this up. Make sure you have the official address for the property so that if a third-party company is monitoring insurance on renters, there are no errors related to having the wrong address.

  • West Bend: Additional Insured vs Additional Interest: Do You Understand the Difference?
  • MoneyUnder30: Does Renter’s Insurance Cover Flood Damage (And Other Natural Disasters)?
  • Additional insured – Wikipedia
  • Policygenius: What Is a Renters Insurance Interested Party?
  • Insureon: What Is an Additional Insured?
  • Insurance Information Institute. “Your Renters Insurance Guide.” Accessed May 11, 2020.
  • State Farm. “How Can Renters Insurance Protect Both Landlord and Renter?” Accessed May 11, 2020.
  • Travelers. “Renters Liability Coverage.” Accessed May 11, 2020.
  • USA.gov. “Property Insurance.” Accessed May 12, 2020.
  • National Association of Insurance Commissioners. “NAIC Releases Report on Homeowners Insurance.” Accessed May 12, 2020.
  • Insurance Information Institute. “Renters Insurance.” Accessed May 12, 2020.

Stephanie Faris has written about finance for entrepreneurs and marketing firms since 2013. She spent nearly a year as a ghostwriter for a credit card processing service and has ghostwritten about finance for numerous marketing firms and entrepreneurs. Her work has appeared on The Motley Fool, MoneyGeek, Ecommerce Insiders, GoBankingRates, and ThriveBy30.

It’s important to make sure you know the difference between an additional interest vs. additional insured, so you don’t add the wrong one to your insurance policy.

Let’s look at what each one means and how to differentiate between the two.

What is an Additional Interest?

An additional interest sometimes referred to as an interested party or a party of interest, is a third party who benefits from knowing an insurance policy is in place but doesn’t need the coverage.

Additional interests that are added to insurance policies are notified when changes to the policy are made. These changes include policy cancellations, lapses in coverage, and renewals, or failure to renew a policy.

Adding an additional interest to an insurance policy does not increase the premium for the policyholder.

What is an Additional Insured?

An additional insured is a third party that is added to an insurance policy by way of an endorsement.

When somebody is named as an additional insured, they are afforded protection under the policy and given the right to make claims on the policy.

As opposed to an additional interest, a small cost comes with adding an additional insured to a policy.

Examples of Additional Interest vs. Additional Insured

Let’s look at some differences between additional interests and additional insureds and the policies they are most often found in.

Car Insurance

In car insurance, an additional interest could be added to your policy if your car is financed. Your lienholder doesn’t need the coverage from your policy, but they want to assure you have coverage so if an accident happened, they would still receive payment.

An additional insured in car insurance is anybody with ownership in the vehicle. For example, when you lease a car, you are not the owner, so the leasing company should be named as an additional insured on your policy. This way they receive payment in the case of a loss, and you are not stuck paying them.

Homeowners Insurance

Mortgage lenders could request to be added as an additional interest in a homeowner’s policy. Lenders have a personal stake in homes they give out loans for and want to be able to assure coverage is in place, so they are not left unpaid in the case of a loss.

If a property is shared by multiple people who have ownership in it, each owner should be listed as an additional insured on the policy. This is common in vacation homes or shared family homes.

Renters Insurance

A lot of times a property owner will request to be added as an additional interest on your renter’s insurance policy. This keeps them informed of any changes made to the policy.

Listing your property owner as an additional interest in your policy is a good idea because they have a personal stake in the property and want to assure you have the right coverage.

Listing your property owner as an additional insured on your renter’s insurance policy is never a good idea. If something were to happen and you cause damage, your property owner cannot make a claim against your policy if they are an additional insured. This will leave you responsible for the cost of damages.

Knowing the Difference

At times it can be difficult to determine the difference between an additional interest and an additional insured, especially since they sound so similar!

If you ever find yourself in the position where you are unsure if you should be adding an additional interest vs. additional insured ask yourself this simple question: does this third party need the benefits of coverage under my insurance policy? If the answer is no, it is likely they just need to know of any changes made to the policy and they should be added as an additional interest.

Often, when people move into an apartment, they’ll be required to get renters insurance. It’s a good idea anyway, but there are a few property management companies out there making a big mistake with this requirement. We’ve seen properties require as many as four additional insured parties on a policy.

So Why Should My Landlord Be Additional Insured On My Renters Insurance?

They shouldn’t! That’s right, listing your landlord as additional insured causes more problems than it solves. What you should actually be asking is, why should my landlord be additional interest on my renters insurance?

Why Should My Landlord Be Additional Insured On My Renters Insurance?

Many people ask why they should list their landlord as additional insured on their renters insurance policies. Is it a good idea? How does it impact liability coverage?

The two accomplish entirely different goals. Adding a landlord as an “additional interest” gives them the right to be notified if the policy lapses, cancels, or otherwise is not in force for some reason. This is a common requirement, and one that all property management should adopt. It does not offer any coverage or rights to change anything about the policy, it’s strictly a notification provision.

Additional Insured Status Can Open A World Of Trouble If There’s A Loss

First, let us point out that additional insured is common on commercial policies. A subcontractor will list the general contractor as additional insured on the subcontractor’s policy because if there’s a loss, the contractor is responsible for the work of his subs. The contractor lists the building owner as additional insured so that if there’s a loss that creates liability for the building owner, the contractor’s policy can be responsible for it.

The problem is that additional insured and additional interest behave very differently in the event of a loss. What is liability on renters insurance? The insurance carrier agrees to pay for bodily injury or property damage to a third party which arises from your negligence. So why shouldn’t a landlord be additional insured?

By being additional insured, the landlord is given protection similar to if he were a named insured on your renters policy. That’s all well and good as far as damages to other people go, but there’s a serious problem here. Can your spouse make a liability claim against you on your renters insurance policy? Of course not! Per the definition of “named insured,” that spouse is a party to the policy and insured under it.

Because the spouse is insured under the policy, they are generally barred from making a claim against the policy’s liability coverage. You can probably see where this is headed. Your landlord, as additional insured, would generally be barred from making a claim under your liability coverage. What does that mean to you if you accidentally start a fire that does hundreds of thousands of dollars of damage? It means that when your landlord’s insurance carrier subrogates and tries to collect that money they paid out from the responsible party, you’re personally on the hook for it because your landlord doesn’t have a claim against your liability coverage, as additional insured.

There Arises The Question Of Defense Conflicts

The insurance carrier is required to defend you if you are sued for a loss which likely would have coverage under the policy. If there’s a fire for which you’re responsible, and injuries to others arise, do you want your insurance carrier defending both you and the property owner? There’s a significant potential conflict of interest there. The property owner and their insurance company will lean heavily on your insurance to defend them, which has the potential to leave you out in the cold, so to speak.

Additionally, There Is Risk Of Dilution Of Policy Limits

Carrying enough liability coverage to protect yourself is a very different matter from carrying enough liability coverage to protect yourself as well as the property owner. In a fire loss, claims can stack up quickly. If not enough coverage is present, each claim is paid proportionately. This creates a situation where your coverage is suddenly far less appropriate than you thought it was.

Additional insured status provides risk transference for the property manager, meaning that some of the risk they might normally take on is now taken on by you and your policy. There’s really very little reason to accept that additional risk in most situations. The additional insured endorsement has its place, but that place is primarily in the world of commercial lines insurance and personal lines automobile policies, though only for leased vehicles.

Additional insured vs. additional interest is a complex, but fairly settled, area of insurance. If you’d like to find out more about why landlords want to be additional insured and what the risk is to you, contact Effective Coverage at (800)892-4308.

An interested party is someone who may have some vested financial concern over your personal motor insurance, but doesn’t have the authority to update, change or query it. Interested parties could include your car financier or a lender. Adding interested parties is important, as if your policy is at a total loss or your car is written-off, we’ll know who to pay if there are outstanding loans.

Interested parties can be added easily to your personal motor insurance via your My Account:

You might be looking for information on ‘authorised contacts’, who have full authority over your personal insurance policy. You can find that here.

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It’s important to make sure you know the difference between an additional interest vs. additional insured, so you don’t add the wrong one to your insurance policy.

Let’s look at what each one means and how to differentiate between the two.

What is an Additional Interest?

An additional interest sometimes referred to as an interested party or a party of interest, is a third party who benefits from knowing an insurance policy is in place but doesn’t need the coverage.

Additional interests that are added to insurance policies are notified when changes to the policy are made. These changes include policy cancellations, lapses in coverage, and renewals, or failure to renew a policy.

Adding an additional interest to an insurance policy does not increase the premium for the policyholder.

What is an Additional Insured?

An additional insured is a third party that is added to an insurance policy by way of an endorsement.

When somebody is named as an additional insured, they are afforded protection under the policy and given the right to make claims on the policy.

As opposed to an additional interest, a small cost comes with adding an additional insured to a policy.

Examples of Additional Interest vs. Additional Insured

Let’s look at some differences between additional interests and additional insureds and the policies they are most often found in.

Car Insurance

In car insurance, an additional interest could be added to your policy if your car is financed. Your lienholder doesn’t need the coverage from your policy, but they want to assure you have coverage so if an accident happened, they would still receive payment.

An additional insured in car insurance is anybody with ownership in the vehicle. For example, when you lease a car, you are not the owner, so the leasing company should be named as an additional insured on your policy. This way they receive payment in the case of a loss, and you are not stuck paying them.

Homeowners Insurance

Mortgage lenders could request to be added as an additional interest in a homeowner’s policy. Lenders have a personal stake in homes they give out loans for and want to be able to assure coverage is in place, so they are not left unpaid in the case of a loss.

If a property is shared by multiple people who have ownership in it, each owner should be listed as an additional insured on the policy. This is common in vacation homes or shared family homes.

Renters Insurance

A lot of times a property owner will request to be added as an additional interest on your renter’s insurance policy. This keeps them informed of any changes made to the policy.

Listing your property owner as an additional interest in your policy is a good idea because they have a personal stake in the property and want to assure you have the right coverage.

Listing your property owner as an additional insured on your renter’s insurance policy is never a good idea. If something were to happen and you cause damage, your property owner cannot make a claim against your policy if they are an additional insured. This will leave you responsible for the cost of damages.

Knowing the Difference

At times it can be difficult to determine the difference between an additional interest and an additional insured, especially since they sound so similar!

If you ever find yourself in the position where you are unsure if you should be adding an additional interest vs. additional insured ask yourself this simple question: does this third party need the benefits of coverage under my insurance policy? If the answer is no, it is likely they just need to know of any changes made to the policy and they should be added as an additional interest.

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How to add an interested party to a renters insurance

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