Your policy with does not need to be updated if you decide to sublet your unit but you remain on the lease. However, your policy must be canceled or transferred to the new tenant if you decide to reassign your lease to a new renter.
What happens to my coverage if I sublet my unit?
You do not need to notify TheGuarantors prior to subletting your unit.
If another renter will be replacing you on the lease, please refer to the next section.
Your policy with TheGuarantors does not need to be updated if you decide to sublet your unit but you remain on the lease. Your policy only needs to be updated if there is a change in your lease agreement with your landlord, such as a change in leaseholders or lease dates.
Do I need to notify you if I reassign my lease to a new renter?
Yes, your policy with TheGuarantors must be canceled or transferred to the new tenant if you decide to reassign your lease to a new renter.
Please email the details of your lease reassignment to underwriting@theguarantors.com so we can begin processing the policy change:
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Date that the lease reassignment will take effect:
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Has your landlord approved the lease reassignment?
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Will the new leaseholder(s) require Rent or Deposit Coverage for the lease?
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If yes, please provide the new leaseholders’ names and email addresses
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Note that we are unable to process any updates to your policy if you owe a balance to your landlord. Please ensure that you are in good standing with your building prior to updating your policy with TheGuarantors.
If the new leaseholder(s) will require coverage for the lease, our team will provide them instructions to submit an application with TheGuarantors. Please note that approval for the policy change is not guaranteed, as all leaseholders must be approved by TheGuarantors prior to updating the bond.
The new leaseholder(s) will need coverage for their lease. Will they need to pay any additional premium to update the policy?
Depending on the new lease details and information provided by the new leaseholders in their application, they may need to pay a premium fee to update the policy.
If additional premium is required, we may be able to offer them a partial credit toward their new policy premium. Please email underwriting@theguarantors.com with the details listed in the section above so that the new leaseholder can receive a quote for the new policy.
Will I receive a refund for the policy premium if I sublet my unit or reassign my lease to a new renter?
You will not receive a refund when you reassign your lease or sublet your unit, as the premium is no longer refundable once you have taken possession of the unit.
You can read more about our cancellation and refund policy here.
If the new leaseholder(s) require Rent or Deposit Coverage to qualify with the building, we may be able to offer them a partial credit toward their new policy premium. Please email underwriting@theguarantors.com with the details listed in the section above so that the new leaseholder can receive a quote for the new policy.