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.