Photo courtesy of Linus Bohman

Photo courtesy of Linus Bohman

Military families are used to change. Each day brings the prospect of new orders, a new town, and a new home. Renting is the norm in the military lifestyle. Whether you live in the barracks, on base, or in town, it’s important to insure your belongings against theft, fire, flood, and other unforeseen circumstances. You’ve worked hard for what you have, make sure you, your family, and everything in your home is protected.

What is Renter’s Insurance?

Your landlord’s home insurance covers the structure you live in; renter’s insurance covers everything you keep inside your home. Let’s assume the worst-case scenario for a moment. The rental you’re living in catches fire and burns everything you own. Your landlord’s homeowner’s insurance will allow him to rebuild, but it won’t replace your clothing, furniture, electronics, or other possessions. Renter’s insurance will provide you with the means to replace your belongings.

Choosing the Best Renter’s Insurance

There are numerous types of renter’s insurance available that provide a variety of different coverages. An insurance agent can help you sort through the various different options and select the right ones for your specific situation. If you don’t already have an insurance agent, you may want to ask friends, neighbors, or colleagues for recommendations. It is often beneficial to use your existing insurance agent for rental insurance since many companies offer discounts when you bundle other insurance policies, such as auto, with your renter’s policy.  Obtaining a renter’s insurance policy is a relatively easy process. However, once you have a policy, you’ll need to take a home inventory of everything you own, including cost, model numbers, and photos. This list will be helpful if and when you need to file a claim with the insurance company.

Renter’s Insurance Rates

Despite what many people think, renter’s insurance is incredibly affordable. The average payment, also known as a premium, is between $20 and $40 a month. So it’s a nominal expense with maximum benefit! Keep in mind, a lower premium usually means a higher deductible (i.e. the amount you have to pay before your insurance kicks in).

Most military members call many places home over the course of their enlistment, so it’s important to insure that home against loss, theft or damage. A military loan from Just Military Loans can help if you need additional assistance in the event of a disaster. However, renter’s insurance is the best way to make sure you and your home is protected from the unexpected – no matter where life takes you.

How has renter’s insurance made a difference to you and your family? Do you have story about when it came in handy? We’d love to hear your thoughts!