Renter's Insurance: A Good Idea for Military Personnel

From fires to hurricanes, disasters happen. And, for many the financial loss from these events can be devastating. This is true for civilians and even more so for Americans in the military. When military men and women consider how to protect themselves and their families, renter's insurance should be on the top of the list.

More than two-thirds of renters, do not have coverage. Some may think that their property is protected through other means. For those in the military, the assumption is that Uncle Sam covers their property in the case of damage; however, this presumption is not always true. For those military personnel, how don't live on base or in government owned housing, here are some of the benefits to having renter's insurance.

Protecting Personal Property and Valued Possessions

Think about all you own. Furniture, clothes, electronics and collectibles are surely part of your list. If these objects were damaged, they would cost hundreds and maybe thousands of dollars to replace. For a person in the Armed Services, some of these items may have been obtained over a period of time and from different parts of the country or world. A renter's policy provides additional or sole protection and allows you to protect these items in case of natural disaster, fire, severe weather, theft, and other types of damage.

If the unthinkable happens, the renter's insurance policy covers the value and replacement costs of your possessions in the event of loss or damage. In some cases, the government can provide reimbursement for damage; however, there are reimbursement limits. For those cases where your property value exceeds reimbursement allowances, a renter's policy can make replacing your property less of a financial headache.

Protecting Yourself from Liability

Renters, just like home owners, are responsible for the safe maintenance of their living quarters. If a person is hurt in your home or on your rental premises, you - as renter- could be libel. This is were renter's insurance comes in handy.

For injuries related to a renter's negligence, such as a fire or slip and fall, renter's policies protect the renter from the financial strain of having to reimburse or be responsible for medical costs and damages. Even though some renter's insurance has policy limits for these types of situations, any supportive cover offers peace of mind and financial protection.

Relocation Damages

Just as it is an expectation of service, military personnel move around frequently. Moving is not an easy undertaking emotionally and physically. And, in some cases, your valuables could be damaged. Renter's insurance can help in these cases also.

Renter's insurance is portable, which means it covers you and your property wherever you live. The policies can cover your personal possessions while in storage or during shipment. Something as simple as a bag lost in the airport can be covered by renter's insurance.

Things to Consider

Before you or a loved one buys renter's insurance, consider needs to be given to whether it is needed in some instances, value of property and costs. Inventory your possessions and try to value each item. Depending on where, when and how you bought these belongings, replacement values may change. Keep your inventory record, which can include receipts and pictures of your possessions, in a safe place.

There are a number of reputable renter's policy providers. For a member of the Armed Forces, make sure you obtain a policy that does not contain territorial limits. Policies without these limits will protect your belongings in any part of the world.

Just as there are various companies that provide renter's insurance and different levels of coverage, there are different types, cash value and replacement cost, coverage that can be obtained. If you get a "replacement-cost" policy, this particular policy covers the cost of replacing lost items at current market value. In the alternative, a "cash value" policy would covers the actual value after depreciation. While there are benefits to each type, most renters find the replacement cost policy to be a better value.
Accidents and disasters can leave anyone with financial strains and challenges. For some in the military, special care should be given to their own belongings when they live in private or non-governmental housing. Having a renter's insurance coverage is a good way to protect your valuables, financial health and peace of mind