Think about insurance before renting out your place while you’re away

The tight rental market means some renters are opting to hold on to their lease and sublet their apartments when they need to travel, work in another location for a few months or leave for an entire year. Notifying the landlord and having a signed sublet agreement should be the first priority if you intend to bring in your own tenant. The next priority should be evaluating your renters insurance coverage.

"If you intend to leave some of your belongings in your apartment, such as furniture or electronics, you need to contact your insurance agent to let them know that your residency is changing," says Jeanne Salvatore, a senior vice president with the Insurance Information Institute in New York.