Whether you live in military housing owned by the government or another type of temporary rental, you should at least consider renter’s insurance. Even though the government does provide some coverage over most of its housing that coverage is usually limited, even for officers.
For other types of temporary housing, the property owner’s coverage most likely only covers personal liability and repair, mortgage payoff, or repair or replacement of the building in case of emergency or disaster.
In either case, most or all of your personal belongings may not be fully covered if you do not have renter’s insurance. It might seem like just another expense, especially when trying to stretch your budget as it is, but renter’s insurance is generally very affordable. Of course, it does depend on the amount and the value of the items you need insured, and the type of policy you choose, but in many cases, you can receive adequate coverage for around $20-30.00 per month.
Speak to an insurance agent and ask lots of questions. Give the agent detailed records, receipts, and photos of your belongings. Keep an extra set of this documentation for your own records (preferably storing these items outside your home, say in a safety deposit box). This way, if you experience a home fire or other disaster, there is a record of what you own.
Ask about what is known as “replacement cost” insurance and compare it to the cost of “cash value” insurance so that you can see which one is the most suitable. Cash value or market value insurance will pay you the least, especially for older items. It generally means you’ll get the amount you would receive if you sold the item outright. Replacement value will give you the amount needed to replace your items (or very close to that amount) at today’s prices.
We all hate to deal with yet another expense; but in this case, the extra cost may prove invaluable if you are ever faced with an emergency or disaster.
*Check back tomorrow for more information.