Why renter’s insurance is important for military families

| June 30, 2014

If you’re a driver, you know that you must carry auto insurance for your vehicle. If you buy a home, you’re required by your mortgage lender to purchase homeowners insurance. But if you rent, there’s typically no requirement that you insure your property yourself. And, neglecting to do so could be a costly mistake.

When you actually sit down and do the math, you’ll be surprised by the total value of your personal property. If your clothing, furniture, television, stereo, computer, bicycle, video games, class ring, wedding ring or other valuables were damaged, destroyed or stolen, could you afford to replace them?

Whether you’re living off-base or on, you should consider the financial protection of renter’s insurance.

The fact is, a landlord’s insurance covers only his property—not yours—and the military’s limits on reimbursement for losses in government-owned housing may be far less than the value of your possessions.

For less than $20 a month in many cases, renter’s insurance can help protect your financial well-being in the event of a loss or liability.

One Response to “Why renter’s insurance is important for military families”

  1. As a Katrina survivor, I know for a fact. One never knows. I grew up in New Orleans and have lived in 13 other states. I’ve even had one place flood from upstairs tenant forgetting about tub and it overflowed!

    ALSO, if you put stuff in storage, get a separate policy!! I had stuff stored in Great Lakes (ex was Navy while I was Army) and it was broken into; but I saved EVERY warranty/receipt/backboard in an accordion file. Because of that I was able to get back 90% of my stuff. My stereo was found at a pawn shop in Chicago. The only things I lost was my daughter’s Barbie collection. I only had pictures of a few of them, not EVERYONE. It was over 20 dolls in display cases gone. I only had pictures of a few of them.

    I now keep a separate CD of pictures of major & collectable items in several places and of course at mums! We all keep an extra set of keys (cars, whatever), documents and policies. Mum can overnight in case of emergency. Mum are wonderful!

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