Why Military Families Need Renters Insurance
With heavy rain falling outside, our military family chose to stay in and enjoy a cozy Friday night at home. Fixing a bowl of buttery popcorn and filling our cups with bubbly soda, we made our nest in the family room to watch a movie. Noticing the puddle of water forming on the floor, my husband was drawn to the corner of the room to inspect the area, where he found a steady dripping leak. As he reached up to lightly touch the suddenly stained ceiling, a large portion of soggy drywall came flopping down onto the bookshelf below. While rushing over to rescue our books and mementos, I exclaimed, “Better call the landlord!”
As it turns out, the recent windy weather had loosened a batch of shingles. The monsoon rain was leaking through the roof, into the attic, and down toward the family room. Although our room now included a gaping hole in the ceiling, saturated books, and waterlogged tchotchkes, our landlord made plans for repairs while our insurance company launched our personal damage claim. With this unexpected scenario in mind, I’m sharing a few points on why it’s important to have renters insurance.
Do Military Families Need Renters Insurance?
Moving from place to place with this military lifestyle, you never know what could occur. Having the security blanket of a renters insurance policy can be significantly helpful when a spontaneous situation arises. For instance:
- If the things in your townhome become soaked due to a water leak in your neighbor’s unit, you’ll be able to contact your insurance provider for the assistance you’ll need.
- If the tables turn and the leaky pipes in your condo cause widespread water damage, at least you’ll have coverage for both your own restoration expenses and for your neighbor’s repairs.
No matter where on the map your military assignment might lead, with a renters insurance policy you can be at ease with a sound level of support and security.
What About Liability?
Additionally, a renters insurance policy gives you a safety net of liability if anything should happen to another person while at your residence.
- Maybe a guest slips on a patch of ice in your driveway?
- Perhaps your happy-go-lucky dog abruptly bites a package delivery person?
- Possibly, the neighbor kid breaks his arm while jumping on your backyard trampoline?
It is constructive to invest in a renters insurance policy for protection for yourself and for others if an unexpected incident takes place.
What Else Is Covered?
Often, a renters insurance policy can cover your belongings when they’re beyond your property. For example:
- If a creeper steals your Schwinn from the bike rack on your vehicle
- If a big meanie raids your gym locker and steals your purse or wallet
- If your worldly belongings fill a moving van, and somehow half of your goods disappear in transit.
However, it becomes a little tricky when you’re hoping for full compensation for the loss of your items outside of your residence. Most renters insurance policies simply cover a certain percentage of the replacement costs. For instance, if you have $2,000 worth of property coverage, you may only have a 10% allowance, or $200 worth of compensation. Receiving something in return can be better than losing everything, but be sure to understand the limitations of your coverage.
While considering renters insurance, take a little time to research coverage plans and speak to an insurance representative. Touch on the policy terms and the provisions for settlements of claims. Even if you’re sticking to a tight budget, you can ask about an affordable policy regarding your needs. No matter if you’re living in housing on post or renting in the local community, finding a budget-friendly renters insurance policy will protect you, your military family, and your belongings.
If you have a renters insurance policy, have you made a claim due to experiencing damage or loss? We’d like to hear your story! Leave a comment below or reach out to us on the Army Wife Network Facebook page.
By Mary Ann Eckberg for MilitaryByOwner
