What is an Additional Insured on a Homeowners Policy?

An additional insured endorsement is a form of additional liability coverage that provides protection to people who are not included in your original policy. While blood relatives, married couples, and adopted children are automatically included in most home insurance policies, others may not be. In an insurance policy, an additional insured refers to any person who is not the policyholder and who is covered by the policy. Coverage may be limited to a single event or may last the life of the policy. If a property is shared by several people who own it, each owner must be listed as an additional insured on the policy.

This is common in vacation homes or shared family homes. With a homeowners insurance policy, you can include someone on your policy statement page as an additional insured if they own any type of ownership of the property. You'll also see the terms additional interest and additional insurance in relation to other types of policies, such as car insurance. In contract negotiations, the company may require you to add it as additional insurance to the building's general liability insurance policy. However, other policies may include general additional insured approval, which does not require that the additional insured be named in the amendment.

An additional insurance modification is useful, as it protects individuals or parties to whom coverage has been extended under the policy of the insured mentioned. If you are additionally insured under the contractor's policy, you can file a claim to pay for damages and legal fees, rather than relying on your own insurance. For example, in a commercial auto insurance policy, an additional, general insured endorsement offers the same coverage to any driver of the company's vehicle. The additional insured status in a liability policy extends coverage beyond the named insured and includes other individuals or groups that were not included in the original policy. An additional insured refers to a person added to an insurance policy who has a stake in the property, but who is not the policyholder or someone related to it by blood, marriage, or adoption.

If you receive an auto loan with a co-signer, you can also add it to your car insurance policy as additional insurance. In the case of several owners of a home or other type of property, it is important to analyze who should be listed as an additional insured. Including your property owner as an additional insured in your renter's insurance policy is never a good idea. The additional insurance and the additional interest seem similar, but each one means something different for your home insurance policy. New customers or partners can request to be included as additional insured persons in their insurance policy before signing a contract. The additional interest on a homeowners insurance policy is for people who are not homeowners and who still have a personal interest in the home or property.