Additional  Interest

Additional  Interest : An individual or entity, other than the primary insured, who has a financial interest in the property insured. This term is often used in property insurance, where a mortgage company or lender might be listed as an additional interest to ensure they are notified in case of any significant policy changes or claims.Additional interest holders are notified of changes to the policy, ensuring their financial interest is protected. This can include changes in coverage, lapses, or cancellations. A homeowner’s insurance policy might list the mortgage company as an additional interest. If the homeowner fails to pay the insurance premium, the mortgage company will be notified.