Landlords often require their tenants to have renters insurance, and adding “additional interested” as an “additional insured” will satisfy this obligation. However, it should be remembered that “additional interested” doesn’t always mean the same as “additional insured.”
Addition of interested parties varies depending on your insurance company, but is usually free and can be completed online.
Adding an interested party to your policy
Renters insurance policies are essential for anyone renting an apartment. Renters insurance provides protection for both your belongings and can help in case of accidents or theft, making an interested party listing on your policy an essential way for landlords to receive information regarding changes that may affect you at no extra cost.
As a general rule, it is generally beneficial to add your landlord as an interested party rather than an additional insured. Doing so may impact the amount of coverage available to you and even increase premiums; by including them as interested parties they will be kept abreast of any changes to your policy or alerted of potential issues with it before they become serious issues.
Most insurance companies, including Lemonade, provide an online option for adding an interested party. You will usually do this through the company website or app and provide their name and address; once added they will be informed of any policy updates as well as be given contact details of where to reach further assistance should any be needed. Adding someone as an interested party should usually be quick and painless!
Allstate Insurance Company of the USA, popularly known for their catchphrase ‘You’re In Good Hands With Allstate,’ offers renters insurance policies nationwide through local agents. Their options for customizing policies can include add-ons for valuable items and identity theft protection; plus they provide multiple-policy and autopay discounts!
Although Allstate remains an immensely popular insurer, they do have some notable drawbacks that should be noted. Their customer service ranks poorly, their online quotes don’t always appear immediately available, and their rates don’t compete as favorably against online-only insurers such as Lemonade – though its simplified approach may appeal to some consumers looking to avoid having to speak to an agent directly. Before settling on Allstate for renters insurance purposes be sure to compare its rates against similar offerings from online-only providers such as Lemonade.
Contacting your insurance company
Landlords typically require their tenants to purchase renters insurance, which protects both landlord property from accidents that take place in the apartment and personal belongings from loss or theft. Landlords may ask tenants to add them as an interested party on the policy in order to receive notifications about changes or cancellations; each insurer’s process for adding interested parties varies, but is generally straightforward.
Insurance companies will notify any additional interested parties when their policy is either cancelled or doesn’t renew, including changes such as premium increases and discounts. This allows landlords to be aware of any changes at their rental homes that might lead to large unexpected bills; also allows them to assess if their tenants are maintaining them in good condition.
Many companies provide this service free of charge, while some charge a small monthly fee of a few dollars. When searching for renters insurance policies it’s essential to find a deal as even small fees can add significant amounts to the total costs involved.
State Farm, Geico and Lemonade are among several insurance providers who provide renters insurance policies, each offering their own distinctive approach and coverage options. Allstate offers discounts to save customers money; making it an excellent option for anyone who’s looking for maximum protection at an economical cost.
Lemonade takes a more consumer-driven approach to insurance. Their digital-first model draws tech-savvy customers and their Giveback program makes customers feel good about their purchase. While Lemonade’s low prices may make it attractive, its comprehensive coverage suite may make other options better choices.
If you want to add someone as an interested party, the easiest way is to log into your account online and request the change yourself; some insurance companies allow this, while others require phone or fax calls or even agents in your area making the adjustments on behalf of their customers.
Addition of an interested party is a straightforward process that should have no bearing on either premiums or coverage. It is important to recognize the difference between an interested party and additional insured; these terms cannot be interchanged.
An Allstate agent can help explain the differences between policies, as well as help you select one best suited to your needs. An agent may also explain claim-free discounts – which can save up to 20% off premiums – which can reduce risk by keeping claims to a minimum; by doing this you’ll keep premiums down while remaining covered should an accident or theft happen.
