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What's the difference between Additional Insured and Additional Interest

When you buy home, condo, or renters insurance, you will often be asked to list an additional insured or additional interest on the policy. These terms often get interchanged outside of insurance, but they have VERY different definitions in insurance.

Additional Insured - The entity or person listed on the declarations page as an additional insured is also insured for damages on the underlying property. When you buy a house, your lender who loans you 80% of the value of your home wants to be an additional insured on your home insurance. They want to make sure the loan is protected if your home burns down tomorrow. They will often be listed in the mortgagee clause which is most commonly used when buying home insurance. 

Additional Interest - The entity or person listed on the declarations page gets a notice if you cancel or change your coverage but they are not considered to be insured. This is most common in renters insurance when the property manager wants to verify the tenant carries renters insurance during the rental term. They want tenants to carry liability coverage in their renters policy. So if you accidentally leave the water running and it floods the 3 units below, doing $50,000 in damages, the property manager can "sue" you, the tenant, and recoup the losses from the insurance company.

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Of course you would never be this foolish! But just in case...

At your service,
Young Alfred