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Are You Listed as Additionally Interested on Your Ocala Resident’s Renter’s Insurance?

Document Labeled as Renters Insurance for a Tenant in OcalaAs concerns most property owners, if you are not included as an additionally interested party on your resident’s renter’s insurance policy, you need to be. It is relevant to check that all your tenants have done it. This is for the reason that, in spite of the name, additional interest does not mean financial interest, but refer to those who have an intention, or an involvement, in a property. Granting many owners compel their renters to have a renter’s insurance policy, not all have undertaken the next measure to guarantee that they are correctly listed on the policy itself. Imposing for both a renter’s insurance policy and being listed on it are crucial items of securing your rental home from all that is unexpected.

You have every right as an owner to know everything there is to know regarding your Ocala rental property. This is what is listed as an additionally interested in your tenant’s renter’s insurance policy will do. When a property owner or property management company is added as an additionally interested on a renter’s insurance policy, that owner or property manager will then be in the loop when or if there ever be any changes to that policy, particularly if they choose not to renew it. This is valuable information that any owner or property manager should have knowledge of, more so when these policies are paid monthly.

Regardless of inclusion on a tenant’s renter’s insurance policy, being listed as an additionally interested entity does not render the listed party any form of insurance coverage. As the owner, you cannot just use the policy to make any claims or shield your own property. On the contrary, being listed in this way just allows you access to information; it aids the owner to verify coverage and nothing else. This particular distinction is a necessary one to really explain to a tenant to prevent any misunderstanding and bar any differences.

It should also be made clear to a tenant that when they move on the policy will not automatically be canceled nor will the name of the additionally interested entity be deleted. An owner listed as an additional interest is not allowed to make any changes to the policy, most especially canceling it. The tenants themselves should make the necessary changes they want or call off their policy if they don’t rent a home anymore.

A large majority of insurance companies who offer renters insurance will list an additionally interested in the policy upon request. If your tenant tries to avoid adding you on their policy by claiming their insurance company will not, it may be because they are not asking for the correct action. Listing an additional interest is not at all the same as listing an owner or property management company as an additional insured. Ensuring that your tenant comprehends clearly the contrast between the two can lead this process forward in a much more effective manner.

Presenting the complexities of renter’s insurance can be a time-consuming chore for owners. But it is relevant that your tenants have the accurate insurance policies and that measures have been done to keep you advised at all times. At Real Property Management, we deal with all of the details of operating a rental property, as well as partnering well with tenants to check that they are in obedience with renter’s insurance provisions in Ocala. Insurance is an important part of protecting your valuable investment property; ensure that it’s being done correctly with the help of the professionals at Real Property Management Diversified. If you need more information, please contact us online or call us at 352-854-2221.

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.