What is a certificate of insurance?
Great question! Certificates of insurance (COIs) allow a renter to show proof of coverage. A COI is intended to prove a policy’s status, provide quick access to its coverage details, reduce exposure to risk, and protect against third-party liability. It is very common for landlords or property management firms to request that they be listed as an additional interest on renters insurance policies.
A COI includes important information regarding a policy's coverage terms and limits. The most notable points are:
- The Named Insured and address
- Insurance Company name
- Policy Number
- Policy effective date
- Coverage details (limits, deductibles, etc.)
- Additional Interests/Additional Insureds as applicable
Why does my landlord/property manager care about my COI?
On the COI, renters have the option to specify an additional interest on the policy. An additional interest is a third-party who benefits from knowing an insurance policy is in place but does not directly benefit from the coverage. Additional interests need to be added to insurance policies so that they will be notified when changes to the policy are made. These changes include policy cancellations, lapses in coverage, renewals, or failure to renew a policy. Since they have an interest in the property they own, they are entitled to know whether or not there is active insurance for the tenant's liability.
How can I add the additional interest to my policy so I can send them proof?
If you need to add an additional interest to your renters insurance, simply reach out to a support agent with the name & address of the additional interest as they wish to be listed. If you could get an email address to the property manager/landlord also, our agents can send over the certificate of insurance on your behalf.
Still have questions? Reach out to Goose support to speak with a licensed agent in your state! Call us at 1-888-374-6673 or reach out via email to firstname.lastname@example.org.