How to Add Interested Parties to Renters Insurance
We know the headlines are bad: finding a rental right now is like hunting a needle in a haystack. Once you do (or if you’re just staying put and holding the fort where you already live), you’ll want to think about renters insurance. While your landlord most likely has an insurance policy in place that covers the building and the structure itself, what happens if your personal property (furniture, digital devices, jewelry, etc etc etc) is damaged? What if someone gets injured while visiting you in your rental? What if, god forbid, there’s a fire in your apartment building and your apartment is uninhabitable for a period of time? How would you pay for living expenses while your apartment was being repaired?
This is where renters insurance coverage comes into play. It protects your belongings and provides liability coverage. In short, renters insurance can save your butt (and bank account)! But acquiring renters insurance is just one piece of the puzzle. Because, as it turns out, you may not be the only one that needs to know you have renters insurance. And that’s why getting your renters insurance policy also means learning how to add interested parties to your renters insurance.
What is an Interested Party on Renters Insurance?
Once you have your renters policy in place, you may have to add an interested party to your coverage. An interested party on your renters insurance policy is typically your landlord or property management agency, aka the people most interested in receiving information any time you modify or cancel your policy. More and more, landlords are requiring their tenants to have renters insurance, so adding an interested party to your policy will prove that you’ve purchased a sufficient amount of coverage to make your landlord happy.
The interested party stays in-the-know about your policy, but crucially, they do not get any additional insurance coverage or benefits, and they cannot make changes to your policy. Essentially, he or she will be notified if you cancel, change, or renew your policy, but that’s the extent of it. (An interested party is also sometimes called an ‘additional interested’, ‘party of interest’, or ‘third-party designee’ — but more on that below.)
Additional Interested (Interested Party) vs. Additional Insured
As mentioned above, the interested party can sometimes be referred to as an additional interested — but don’t confuse that with an additional insured, which is something else entirely.
An interested party on renters insurance is someone who can view your policy coverage but is not protected by the plan. Landlords often ask their tenants to add them to their renters insurance as an interested party to remain in the communication loop.
An additional insured individual, on the other hand, is often a live-in partner, relative, or roommate who is covered by your insurance plan. They would be covered under your renters insurance policy if anything were to happen to their belongings in the apartment, for instance. Since your property owner isn’t living with you in your rental (we assume!), you do *not* want them to be covered by your renters insurance plan.
How to Add Interested Parties to Renters Insurance
Adding interested parties to your renters insurance policy is easy and can be done a few different ways.
Include Them in Enrollment
First, you can just add the interested party to your renters insurance policy from the start — if you already have all their info, that is. When speaking with your insurance agent and filling out your renters insurance application, you can ask about the possibility of adding an interested party (which can be done at no additional cost!). You then will need to provide the landlord and property management’s contact information.
If you don’t know your landlord or property manager’s information when you’re going through the enrollment process, ask your insurance agent about the possibility of adding an interested party at a later stage.
And before you finish the conversation with your agent, ask how your renters insurance provider will keep your landlord or property management company in the loop. You’ll want to feel confident that you understand how communication will happen between all parties moving forward.
Contact Your Insurance Agent
If you already have a renters insurance policy in place, you’ll want to reach out to your insurance agent or to the carrier to ask about adding an interested party. However, this is contingent upon the conditions of your policy, since some renters insurance companies won’t let you make changes after enrollment. Again, you’ll need to speak with your insurance agent. If they are able to add an interested party mid-policy, you can then work with your agent to add your landlord or property manager’s information to your plan.
Finally, some insurance companies will let you register an interested party online simply by logging into your account. This is clearly the fastest way to add the interested party to your renters insurance (and there’s no music to listen to while you’re on hold — a real bonus!).
Two Parting Thoughts
Once you add an interested party, ask your agent for an updated proof of renters insurance. You should keep it handy, in case you need to show it to your landlord or file a claim in the future.
If you’re unsure whether to add an interested party to your renters policy, you can weigh the pros and cons with your agent or insurance provider. Should you choose to do so, they can then assist you in getting an interested party added.
Easily Add an Interested Party to Your Policy with Marble
Looking for an easy way to manage your renters insurance policy? Look no further than Marble, where you can keep track of all your insurance policies (not just renters insurance!), and even earn rewards while doing it.
If you don’t already have renters insurance yet, we recommend that you get quotes from at least three different companies. We are certainly biased, but we also recommend that you check out Marble, the online insurance comparison app that allows you to compare, purchase, and manage all your insurance policies digitally.
With Marble, you can get renters insurance quotes from companies like Allstate, GEICO, State Farm, Lemonade, and more. Plus, you can easily compare coverage, premiums, liability coverage, additional living expenses in case of property damage, and other key features of a renters insurance policy, so you can be sure that you end up with the plan that best fits your needs. So if you haven’t yet, sign up for Marble today, and feel confident knowing that your renters insurance is handled.