Does My Military Insurance Warrant Renter's Insurance

Renter's insurance may not be necessary for all active military. Determine the value of your possessions to determine exactly how much coverage you need, if any.

Take an inventory of your belongings, how much you paid for each item and its current value. Make a record of your possessions, with pictures or a video camera, and store the records in a safe place outside your home. The record can help you determine your insurance needs, and serve as your proof of ownership if a loss occurs, helping the insurance company to estimate your payment.

Determine if you prefer to purchase a "replacement-cost" policy, which covers the cost of replacing lost items at today's prices, or a "cash value" policy, which covers what the item is worth after depreciation. Although it typically costs about 15% more, many military renters find replacement-cost coverage to be a better value.

Especially important for military personnel: look for a renter's insurance policy that does not contain territorial limits. A policy without these restrictions will cover your belongings nearly anywhere in the world you may move.