I am seasonal employee for the federal government, so I move around a lot. I have a new position starting in two weeks and am getting ready to move into a new place.
The place in question is an above garage 1b/1ba unit that I am renting from the homeowner on the same property. When working with the homeowner to create a lease, they told me that they need to be listed as the additional insured on my renters policy. Everything online says that as the landlord, they should be listed as additional interest, not insured. When double checked with the landlord, he reiterated that it needs to be insured not interest.
How do I proceed?
I guess I should mention that this isn’t a person who owns property to rent as a business. They are just a homeowner in the community who is willing to rent me the apartment above his garage that was built by the previous owners of their house.
Update: just got off the phone with American Family Insurance and they told me that they have no way of adding my landlord as additional insured, only as additional interest.
Landlord wants to be additional insured on my renters policy
byu/zookeeperintraining inInsurance
Posted by zookeeperintraining
5 Comments
Maybe ask the insurance agent you’re planning to get the renters insurance from? Some companies will do additional insured, others won’t. A landlord is a landlord, doesn’t have to be in the “business”.
I’d add him as an additional interest, but not as an insured.
The former he’ll be notified when the policy is in effect and the limits and everything, and if it’s cancelled.
He needs his own landlord insurance if he is renting something out to you. 100% explain the situation to your agent and they can give you more clarity.
It will depend on the carrier but I’m guessing that most will not do this for a personal renters policy. He doesn’t have an insurable interest in your property, and the policy is not covering the building. Pretty much any circumstance that could lead to him being sued because of your actions should be defended by a landlord policy in his name.
I’m a commercial underwriter and this is normal and is likely a requirement of the landlords insurance policy. If someone is hurt on the property due to your negligence (dog bite claims are an easy example, or imagine if one of your friends is over, trips on a power cord you have and hurts themselves) your policy will cover the landlord. If I’m writing a policy for a landlord if they don’t have a requirement the landlord will be additional insured on the tenant’s renters policy I will decline to write the policy for the landlord.