"Additional Insured" or "Additional Interest"?

[Katherine S.]

I'm putting the requirement for renter's insurance in my lease agreements, including $1M for liability.  But I have seen both "additional insured" and "additional interest" as requirements.  What do they mean, what is the difference between the two, and which one should I use?  I want to make sure that I'm notified if a tenant cancels or lets it lapse.

[Casey J Burkhead]

Hi Katherine, 

You'd want to be listed as an additional interest so that you get notified of any pending lapse or cancellation to your tenant's renters insurance policy. You wouldn't be listed as an additional insured because their renters insurance wouldn't allow any coverage for you in the event of a claim. 

- Casey