So you just bought a shiny new Arlington, TX Renters Insurance policy, and you gave a copy to your landlord, and now they’re telling you that you need to add them as an additional interest. They didn’t tell you what that means, just that your provider should know what to do with it and that you can’t have your keys until you get it done.
So how do you add your landlord as additional interest? And what does it do?
The how is easy – just reach out to Effective Coverage. We’ll take the information from you, add them, create a new document, and you’ll be on your merry way in about 45 seconds. It doesn’t cost anything extra to do that.
As far as what it does to add your landlord as additional interest or interested third party, that’s not much more complex, either.
First of all, it does not give any coverage to the landlord. That would be an additional insured, and that’s generally not a situation you want to be in because it can impact the ability of your policy to respond to a claim by the landlord because they’re now a party to the policy.
As to what renters insurance with additional interest does do, that’s also pretty simple and straightforward. By naming your landlord as additional interest on your renters insurance policy, you’re making sure that they’re made aware of the status of the policy on an ongoing basis. In other words, cancellation notices and renewals should be sent automatically to the landlord.
They want to be the additional interest so that they know the coverage they require you to have remains in force. That makes sense. On the other hand, you want to list your landlord as additional interest on your renters insurance policy because it saves you some time and energy. Did you miss a bill and a cancellation notice went out? Once you pay it, your landlord will get a copy of the reinstatement notice. The same goes for renewal notices. Your landlord is automatically aware of your policy, and you won’t have to worry about whether you got them the right documentation. Your insurance provider will automatically send out the right documentation.
There are no privacy concerns – those notifications don’t tell the landlord anything they don’t already know about you. There are no coverage concerns, because the landlord is only being notified – they’re not getting any coverage under the policy. Naming your landlord as an additional interest is the most efficient way to get everyone what they want and to save time in the process. It also doesn’t cost a thing.
To add your landlord to your renters insurance as additional interest, or to buy a policy and add them at that time, just call (800)892-4308 or click to get covered - whether you need Arlington renters insurance quotes online or coverage anywhere else!
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Photo Credit: Bill Wilson Bristol Office Park CC BY 2.0