Renters Insurance Lingo: “Additional Interest”
What the heck is “Additional Interest” and why might I need to update or add it to my renters insurance policy?
An Additional Interest is an entity that will be informed when your insurance policy is updated or adjusted. This relay of information is needed to ensure you remain in compliance with your lease and to help ensure you are covered in the event a loss may occur. The Additional Interest will be aware of all renters insurance requirements, such as coverage limits and policy dates. Adding an Additional Interest to your policy helps keep interested parties notified of any changes including policy renewal, lapse in coverage, expiration, cancellation or if you do not renew your policy. In case you were wondering, the Additional Interest can’t make any adjustments to your policy, so no need to worry about that! Lastly, there is no charge for this endorsement.
In Get Covered’s case, we track insurance compliance for our partnered communities through our Policy Verify program. When we ask you to update the Additional Interest, it is to ensure our partnered communities have access to the most up-to-date information regarding their tenant’s policies.
So to recap, an Additional Interest is informed of insurance policy changes. Get Covered requests the Additional Interest be added to your renters insurance policy to ensure you are meeting your renters insurance requirements.
If you have any questions about this, please reach out to support@policyverify.io
