Serving in the Military is something that not everyone can do. You work hard for your pay and allowances, and you deserve to make sure that your possessions are safeguarded. Many people do not think they need rental insurance, or insurance on their possessions, but then they fail to stop and think about replacement costs for everything they own.
We live in a society that is very flexible and mobile. Even military personnel that live overseas often wind up renting or leasing a home instead of purchasing. When you are in a rental agreement, most time you do not have a great deal of protection on your possessions. You may have a little bit, or partial coverage from your landlord, but you should not count on having coverage from this source.
As a service member, if you don’t insure your property for damage, then if calamity strikes you are out of luck. The number of people who do not insure their possessions against severe weather, fire, burglary, or other type losses is very surprising. The Department of Defense includes the cost of rental insurance in their calculations for allowances and overseas allowances. Despite this, many Servicemembers do not take the time to buy rental insurance.
Part of the problem is that the risks are not understood. Or, a service member will think “well it wont happen to ME.â€Â This is foolish at best, and downright unwise should an unforeseen accident or crisis occur. Rental insurance is also referred to as Personal property insurance, and it is a good idea even in government housing.
Consider Your Valuables. Make a list of the things you value the most. Things such as jewelry, watches, coin collections, the things that if you had twenty minutes to grab your things you would take. This can include things that are commonly seen as valuable, or may be things with personal or sentimental value. Whatever their origin, you should write down on paper those things that are the most valuable.
Consider Furnishings. Most people accumulate furniture over time, a little here, and a little there. Make a list of all your furniture, rugs, chairs, and other things in your home. Then, try to figure out the replacement cost for all of them all at once. After doing this part of the process, many people realize how important it is to have rental insurance; you may be able to afford a couch or a recliner, but buying all your household furniture, all at once? This can be a huge budget buster.
There is just no excuse to skip insurance, not when you consider the replacement cost.
