<p>I am wondering if there is anything like tuition insurance to cover off-campus (privately owned) housing costs if a student leaves school for medical reasons. Has anyone encountered such a thing?</p>
<p>No, if it’s off-campus, privately owned there is no insurance that I am aware of. The best thing to do is trying to sublet it out. Hope your kid is ok.</p>
<p>My D is fine…now. The question is academic (I hope) but we are co-signing a fairly expensive lease for a year from now.</p>
<p>Never encountered such a question. Mine paid month by month. no lease, no cosign needed. So she would have only been out a deposit. But that didn’t occur either. I would check out the sublet market. Why get into an expensive lease for a student?, unless the area demands it?</p>
<p>If it’s privately rented from a landlord or management company then no such thing is really available. You’re signing a lease which legally binds you to pay the rent for the specified period regardless of if you actually live there or not. </p>
<p>If for some reason your D isn’t living there it may be possible to find someone to sublet. If the landlord is feeling particularly kind it may be possible to break the lease, but that would likely only potentially be an option if you were able to present a suitable person to sign a new lease for the apartment. However, one caveat with apartments near colleges is that landlords tend to be very strict about enforcing Aug-Aug lease periods… as it’s difficult to get full value for the property if the lease becomes available ‘off season.’</p>
<p>I know that legally in CA, the landlord has a right to be paid the term of the lease but has to try to find someone to rent. Once they have another renter they cannot continue having you pay for the lease - in essence getting two full rent payments for the same property. You would have to pay for any time the property was empty and any damages or cleaning costs to get it ready to be back on the market.</p>
<p>Some other states have similar requirements to that in post 6 above, but the thing to consider is location and ease of re renting. Over 20 years ago, I bought an apartment and wanted to leave my NYC rent stabilized (vile, but rent stabilized) apartment. My landlord had no problem with me leaving since he would have no trouble re renting it. I even got my deposit back, but this was NYC and apartments in decent neighborhoods that are cheap don’t stay on the market long, no matter how vile.</p>
<p>I think certain college markets might be difficult. I went to a school with a fairly large student body and I don’t remember much change over except at the beginning of school or for a June 1- June1 lease, which some were.</p>