Renters Insurance and Subletting: What to Know For Summer

By Alicia Geigel on May 29, 2022

This article is brought to you by GradGuard. We protect college students and their families from the financial risks of college life, like providing a refund for tuition or replacing a stolen backpack when your school may not. When the unexpected happens, GradGuard’s tuition insurance and renters insurance can help you get back on track.

As the summer quickly approaches, so is the moving season, with a greater number of tenants moving in and out of their apartments. Whether it is due to the spring semester coming to a close or an out-of-town internship starting, students and other people alike are looking for either temporary or permanent places to stay as the spring season transitions to the summer. As a student, subletting an apartment can be a great way to temporarily stay out of town when you need to be elsewhere, i.e. for a job, school opportunity, family, etc.

Subletting an apartment can save you the hassle of hunting for a permanent place to call home in addition to giving you the freedom to be away for personal reasons. But what if something goes wrong?

While being in a stranger’s home, your mind can be plagued by what-ifs, leaving you paranoid and equally curious about what protections you do and don’t have with renters insurance. If you are considering subletting an apartment, but are not sure about how to do so, and most importantly, if renters insurance is worth it, read on for valuable tips and tricks!

contract, agreement, paperwork, insurance, pen, paper

Image via Pexels

What is Subletting?

Subletting in simple terms is when you, the lessee, rent out part of your apartment (like a room) or the whole place to someone else to fulfill the obligations of your lease when you can’t or don’t want to live there temporarily. Craig Berman of Sapling.com writes regarding subletting, “Done properly, this keeps you from paying rent for an unused space or forking over the penalty amount for breaking the lease early. It also might allow you to resume your rights to occupy the property once the sublease period ends.”

What is Renters Insurance?

Renters insurance also referred to as tenant insurance, is a type of protection for those renting homes or apartments which can cover personal belongings in the case of an unexpected event, such as a break-in or theft. While landlords have insurance for their building and the units they own within it, this insurance is typically restrictive and does not cover your individual expenses in the case of a bad situation. Renters insurance, on the other hand, is specifically designed to protect all of your goods. GradGuard, a leader in insurance for college students, has an extensive renters insurance policy, which includes coverage for clothing, computers, textbooks, bicycles, gaming systems, and cell phones.

Is Renters Insurance Worth It When Subletting?

As stated previously, renters insurance is a great option when you want to have that extra protection for personal and expensive belongings. When you are subletting an apartment during the summer, you don’t know what kind of people you’ll be encountering along the way, whether it be a roommate or your short-lived landlord. In this case, having your belongings insured can give you peace of mind knowing that you can replace anything that is stolen or damaged, regardless of the situation. And of course, your subletter should also have renters insurance to cover themselves and their belongings.

Renters insurance does not only protect your personal belongings, however. According to TruState, “Your renters insurance also typically helps cover the cost if someone is injured while visiting you. Additionally, renters insurance often helps pay for a hotel room if you need to temporarily relocate due to an event such as a fire.” In this case, a renters insurance policy can be beneficial for you when subletting an apartment.

Subletting Tips and Tricks

  1. When subletting, there is always a risk that you may be being stolen from. While you may be able to remove some of your more valuable items from your home or put locks on certain off-limit items, the majority of your belongings will likely be accessible to your subletter. If this sounds like something you’re not willing to chance, subletting may not be for you.

  2. Ask family, friends, classmates, or acquaintances if they are interested or know anyone who is interested in renting out their apartment for a sublet this summer. The right person may just be a text or phone call away!

  3. Getting pictures beforehand gives you a crystal clear idea of what your place looked like before you moved in, which can make it easier to detect potential damages and stolen items.

woman, contract, work, paperwork, building, coffee, desk

Image via Pexels

By subletting your apartment for the summer, you will be able to do what you want/need to during the summer, all while helping out someone who needs to rent out their place to make a few extra bucks the next couple of months. Either way, it’s a win, win situation!

While not necessary, getting renters insurance in the process will save you the hassle of replacing broken or stolen items, while giving you the assurance that your belongings are protected. With GradGuard, you can get a free online quote in minutes to determine the level of protection you need and select the best policy for you.

In the future, who knows, maybe based on this experience you’ll want to be on the other side of the business and potentially sublet in the future.

It’s no secret that college costs a lot of money. Make sure your investment in higher education is protected with GradGuard. Our affordable tuition insurance and renters insurance plans are specifically designed for college students. Customizable plans make it easy to protect your tuition, room and board, laptop, bike, and so much more.

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