The Importance of Having Renter Insurance

Several months ago, I wrote about why renter insurance was important to have. I had just witnessed an entire apartment complex go up in flames in my hometown. The damage to the building was so bad, the building had to be torn down months later. Many families lost everything and had to find a new place to live. For those with renter insurance, they were able to rebuild their lives much more quickly.

As we approach the winter months, I thought it was important to revisit this topic. However, this time I want to shift my focus to those families living in privatized base housing or overseas. Is it important for a military family who is living on base or who is PCS’ing overseas to get renter insurance?

I spoke with Andy Schultz who is a licensed sales rep with Armed Forces Insurance to get his thoughts on the importance of renter insurance for those living on base or overseas. According to Schultz, whether you live on base, off base, or in another country, having renter insurance is extremely important for financial peace of mind. Just because a family lives on a military installation, does not mean that bad things cannot happen to them.

Fires, lightening, tornadoes, hurricanes, and thefts can affect anyone living on base, just as if they were living off base. They ability to replace your property that is damaged or destroyed is extremely important. Losing your TV is one thing but losing all of your clothes in a claim is another. Having that peace of mind, knowing that you will not be financially ruined if your home is destroyed or your belongings are stolen is important, especially to military families.

Another thing to consider is what if there is damage to your military base housing that you are renting? Most insurance companies will not cover damage you cause to base housing or a rental home. This situation can cause a financial headache when it is time to move out and the final inspection occurs. Many military families are faced with unexpected bills from their property
management company.

Schultz said that Armed Forces Insurance can help with this. The agents at AFI have the ability to add an endorsement to their renter policies which can provide limited coverage in the event you are assessed for damage to the on base housing. He said that not all damage to on base housing is included in this additional coverage but that the endorsement would help in most instances helping to relieve any financial pressure that may cause.

Renter insurance may also be required by the privatized housing company as a condition of your lease. More and more housing companies are requiring renter insurance just to take possession of the home.

Schultz went on to state that families living overseas should also consider obtaining renter insurance for their personal property. Depending on where you live in the world, it can be difficult to obtain renter/property insurance in the country you are moving to. Most US insurance companies will not insure your property once you move overseas.

Luckily for military members, Armed Forces Insurance offers personal property coverage anywhere in the world with the same policy you could get right here in the US. He said that AFI policies will follow you anywhere, no matter your location. You can get the same great coverage in Germany, Japan, Poland, or Djibouti as you can in the United States.

Need another reason to get renter insurance? Below is a list of reasons beyond what we just discussed on why renter insurance is important:

Why Renter Insurance is Important

Protect – Renter insurance is designed to protect your family and your belongings from some of life’s most unexpected events. A renter insurance policy will cover your personal property against:
o Fire and Lightening
o Theft
o Explosions
o Riots
o Damage by Aircraft of Vehicle
o Smoke Damage
o Vandalism
o And More…….
With a renter policy from AFI, you can even add extra coverage for property damage that may result from:
o Earthquake
o Flood
o Breakage
o Mysterious Disappearance

Replace – Renter insurance is designed to help you pick up where you left off. Whether your property was stolen, lost in a fire, or taken away by a tornado, a renter policy is there to replace those items that were destroyed in the claim. A policy from AFI will even cover your property if it just happens to disappear.

Financial Security – Renter insurance also includes liability coverage to protect your assets and your future income. From accidentally burning down the home you are living in to your dog biting someone who comes to your door. A renter policy can protect you from the financial hardships that can occur if another person is injured or there is damage to their property. from the financial hardships that come

Moving – Renter insurance will cover you where you live, but what if you are moving across town, across the state, across the country, or across the world? Most renter insurance will only protect you at the location where you live. A renter policy from AFI is different. AFI does not see an address, they see a family. Because their insurance was created by military members, for military members, their coverage will cover your belongings anywhere in the world.

An AFI policy will also help you in the event there are issues with a PCS move. AFI has helped military families recover from everything form the moving truck lighting on fire to only ½ of a sectional couch arriving at the new home location.

Money to Live – A renter policy will help provide extra funds for you to live if you are forced from your home due to a claim. That means money for food, lodging, and other necessities while you start to put your life back together. No need to bunk at a friend’s house or sleep on the floor of a church or community center.

Required – The housing complex, landlord, or privatized housing office may require that you purchase and maintain renter insurance coverage as a condition of the lease.

Affordable – Renter policies are very inexpensive. Policy prices can vary but you can often find your self-protected for just $10 to $20/per month.

I hope you have found this information on renter insurance informative. My friends at Armed Forces Insurance are happy and eager to answer any of your questions you may have on renter insurance. For a more information on renter insurance or other insurance topics, head over to Armed Forces Insurance – Resources and Tools page to learn more.

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As a military family, you need insurance that matches your needs and protects what you value most. You deserve an insurance company that is committed to serving you. MilHousing Network is proud to partner with Armed Forces Insurance to bring military families reliable homeowner’s insurance options when buying a home. Contact them today at 800-313-1936 or visit www.afi.org/milhousing to learn how they can support your unique military lifestyle.

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