Adding Interested Parties to Your Renters Insurance
It’s increasingly common for landlords to require their tenants to purchase renters insurance. This is because such coverage can help limit the financial exposure of both the tenant and the landlord if an incident occurs. Renters insurance covers personal property damage or theft, personal liability damages, emergency medical expenses for guests and additional living expenses if a temporary relocation is necessary. Adding your landlord as an interested party to your renters insurance policy is one way to show proof of renters insurance without allowing them to make any claims or changes to your policy.
You can add an interested party to your renters insurance policy at no cost and without affecting your premiums. The interested party will simply get alerted if you cancel or don’t renew you renters insurance policy. Here’s a general overview of what an interested party is, why your landlord may ask to be added as an interest3ed party an how to add an interested party.
What is an interested Party?
Your landlord may use the term “part of interest” or “additional interest”; whatever the term, know that they are talking about an interested party-that is, a person or group who will be notified if you cancel or don’t renew your renters insurance policy. Keep in mind that your landlord is not asking to become an additional insured. An additional insured is someone covered under your insurance policy, like a spouse.
Why Are They Asking?
Your landlord is likely asking to be named an interested party for the same reason they want you to have renters insurance-to minimize their risk and protect them from financial damages. If renters insurance is required by your landlord, allowing your policy to lapse is a violation of your lease and could result in serious ramifications, including rental fees and legal concerns, and in some cases, it’s grounds for eviction. Adding your landlord as an interested party is a simple way to provide proof of insurance to your landlord, assuring them your policy hasn’t lapsed or been canceled.
Adding an Interested Party
Once you have your renters insurance policy, adding an interested party should be relatively straightforward. While there may be slight variations between insurers, many insurance companies will allow you to add an interested party online. Others may require you to call or fax in your request. In any case, you will need to know your landlord’s contact information-including their name, address and email-to add them as an interested party to your policy. .
For More Information
If you have any questions or would like to learn more about your renters, home, auto, business and family insurance contact RISE Insurance at 423-541-1111 or chad@riseins.com for a free policy review to make sure you are properly covered.
You can request a quote at https://www.riseins.com/personal-insurance-quote-request
