How to add interested party to renters insurance progressive

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• Landlords might ask to be named as an interested party in your renters insurance policy.
• An interested party is informed if you make changes or cancel your insurance. 
• An "additional insured" is a relative or live-in partner who receives the same insurance coverage.
• See Insider's guide to the best renters insurance companies.

Your landlord has insurance that covers the building and structure, but your belongings inside the rental unit are your responsibility. You can cover them with a renters insurance policy.

Renters insurance isn't required by state law. In fact, only 37% of renters have renters insurance, according to the Insurance Information Institute. Most renters only get insurance if required by their landlord.

Insider's Featured Renters Insurance Companies

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  Lemonade Renters Insurance

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• Allstate Renters Insurance

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What is an 'interested party' for renters insurance?

Some landlords and property management companies require renters insurance. If your landlord requires renters insurance, most often they also request to be listed on your renters insurance policy as an "interested party." 

An interested party is also referred to as an "additional interested" or "third-party designee." The interested party cannot make changes to your renters insurance. However, they are informed if you make changes to your policy or cancel it.

Additional interested party vs. additional insured

While an interested party is also referred to as an "additional interested" or "third-party designee," an "additional insured" is not the same as an additional interested party.

An "additional insured" is usually a relative or live-in partner, who receives the same benefits as the insured policyholder. You usually pay an extra premium for an additional insured.

You should not list your roommate as an additional insured, unless your roommate is a sibling or other relative. Roommates should have their own renters insurance.

You should not list your landlord as an additional insured, either. Renters insurance protects your belongings and liability. Adding the landlord could present a problem if damage to your belongings was due to the landlord's negligence.

Why are landlords listed as an interested party?

Although the landlord isn't responsible for your personal belongings inside the rental unit, they are responsible for the building and structures. If you cancel your renters insurance, that means that you have no personal liability coverage in case someone is injured in your unit, or if you cause a fire while cooking.

Renters insurance is a type of homeowners insurance, known as HO-4, that protects renters' belongings from a fire, storm, or theft. There are two main parts of coverage to a renters insurance policy: personal property coverage and personal liability coverage. It also provides "loss of use" coverage if your rental becomes unlivable due to damage.

How to add your landlord as an interested party

When completing your renters insurance application, most companies will ask if you want to list an interested party at no cost. You need the landlord or property management's address and contact information. 

If not, contact your renters insurance company to find out how to add your landlord or property management company as an "interested party" — not an additional insured.

Ronda Lee was formerly an associate editor for insurance at Personal Finance Insider covering life, auto, homeowners, and renters insurance for consumers. Before joining Business Insider, she was a contributing writer at HuffPost with featured articles in politics, education, style, black voices, and entrepreneurship. She was also a freelance writer for PolicyGenius. She worked as an attorney practicing insurance defense and commercial litigation. 

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