In some areas, the rental market is very tight. In these areas, it can be hard to find a vacant apartment that is within your budget. That’s when sub-leasing can become an attractive offer. In sub-leasing, you share an apartment with another person or lease it from someone that is currently leasing it (rather than leasing it directly from the property owner or management company). When done legally and within the requirements set by the apartment complex, this can be an affordable way to share a space. However, it can complicate things when it comes to renters insurance.
You Need Renters Insurance
Renters insurance provides protection to the person renting the property from losses to their personal belongings and claims against them for negligence. It is generally affordable and highly recommended since most rented structures (whether it is an apartment, condo, or a full home) do not have protection for a renter’s belongings covered in the property insurance the owner holds. But, in this situation, who should have renters insurance and who is covered in the event of a loss?
If you are the main renters of the property that is signed to the rental agreement, you’ll need to consider your risks here carefully. Perhaps you are not living in the space any longer and your belongings are moved out. This could mean you don’t need to have renters insurance on that space. In this case, contact the agency holding your insurance and inform them that you are changing locations. However, you may still want to keep a policy in place if there are liability concerns or if you plan to keep your belongings in the location as you sub-lease it out to someone else.
If you are sub-leasing the space, you need to have your own renters insurance plan. It can protect your valuables and give you the confidence you need to know that your assets and liability risks remain protected.
The good news is renters insurance tends to be very affordable and accessible to both the primary lease holder and to those who are sub-leasing. That may mean that maintaining this type of policy is not a problem for you. Don’t overlook the importance of clarifying your residence to your insurer, though.
Are you covered? Call Auto Insurers of Virginia at (800) 909-8103 for more information on Midlothian renters insurance.