Renters Insurance For Military
Some military families who move a lot choose renting over owning a home. Sometimes, that's the best choice. But those who rent need something similar to military homeowners' insurance: military renters insurance to protect their possessions.
Too many military families assume they are protected by their landlord's homeowner's insurance. While your landlord may carry insurance that covers the structure itself, most often the policy does not cover your belongings.
The military provides some protection for active military living in government-owned housing, but there are limits.
Military Renters Need Insurance
Military officers living in privatized family housing might find the value of their belongings far surpasses the government's insurance coverage limit. Your valuable jewelry, top of the line racing bicycle, intricate computer equipment and other costly items need a military renter's insurance policy.
A basic renter's policy may cost as little as $5 per month for $2,500 worth of coverage, while a more comprehensive policy might offer $100,000 worth of coverage for $30 per month. All companies place limits on certain property. For instance, a typical policy might limit total payments to $200 for cash and coins; $1,000 for valuable papers; $1,000 for theft of jewelry and watches; and $2,000 for theft of guns.
For that specific and very valuable item such as a military heirloom or elaborate music system, consider paying a few dollars more to add a "personal article floater" to your renter's policy. The floater has no deductible and usually covers a wider range of claims.
