Military Home Insurance

MILITARY RENTERS
Do You Need Military Renters Insurance?

Some military families move a lot and for them, renting their home makes more sense than owning it.

But even a military family that rents will need something similar to military homeowners insurance: military renters insurance, to fully protect all your valuable possessions.

Too many military families assume that they're protected by their landlord's homeowner's insurance. While your landlord may carry insurance that covers the structure itself, most often, that policy does not cover your belongings.

The military provides some protection for active military living in government-owned housing, but still, there are limits.

Military officers living in privatized family housing might find that the value of their belongings far surpasses the government's renter's insurance coverage limit. Your valuable jewelry, top of the line computer equipment and family heirlooms truly need your own military renter's insurance.

A basic renters 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 renters insurance 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 valuable artwork, consider paying a few dollars more to add a "personal article floater" to your renters policy. The floater has no deductible and usually covers a wider range of claims.

ANOTHER TIP: MILITARY RENTERS INSURANCE ALSO COVERS LIABILITY.

If a visitor to your apartment slips on a wet floor and is injured, you could be held responsible for thousands of dollars in medical bills. Your renters insurance would likely cover the costs, to a specified limit.

Even a fire could leave you personally responsible for damages to the building and others' property. Again, renters insurance could provide $100,000 of coverage for liability, and even covers your legal fees in some cases.

For military personnel who re-locate frequently, know that renters insurance is portable.

Most renters policies cover your personal possessions during a move, during shipment, or while in storage. When you travel, your luggage and other personal items are covered up to the limits of your renters policy. If your suitcase or valuable computer doesn't arrive undamaged, renters insurance may cover them, too.

DOES MY MILITARY SALARY ADD UP FOR WARRANT RENTERS INSURANCE?

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

Take inventory of your belongings, including 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. Those records can not only help you determine your insurance needs, but can also serve as your proof of ownership if a loss occurs, making it easier for insurance company to estimate value and send your out.

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 the better value.

Especially important for military personnel: look for a renters 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.