You're renting, do you really need to spend more every month for renter’s insurance? Is it really that important? Despite the Department of Defense's removal of the renter's insurance component of BAH on January 1, 2015, Lincoln Military Housing has continued to offer up to $10,000 in personal property contents coverage at no additional cost to your family. However, both the DoD and Lincoln Military Housing recommend that all residents purchase a proper renter’s insurance policies.
While 95% of homeowners have a homeowner’s insurance policy, only 41% of rents have a renter’s insurance policy, according to the 2016 Insurance Information Institute poll conducted by ORC International.
Why do so many families decide against renter’s insurance? Often renters incorrectly assumed they are covered by their landlord’s policy. While Lincoln Military Housing does offer $10,000 in Personal Property Contents Coverage for our families that reside at our Navy/Marine Corps bases, and that may seem like a lot of money, would it cover all of your personal items if an unexpected incident happened or cover liability? Don’t underestimate the value of your personal items; they can add up quickly if you lost everything, think about the value of just your clothing and electronics, chances are it wouldn’t take long to reach $10,000! Another thing to think about when determining of renter’s insurance is right for you is liability. If someone is injured in your home, they could sue you. Liability is typically included in standard insurance policies and provides protection if someone is injured in your home or if you accidentally cause injury to someone.
If you don’t have renter’s insurance, USAA has been a trusted partner for military personnel since 1922 and below are details of what is covered in their renter’s policy which includes liability coverage.
The USAA Renters Insurance policy provides the member coverage for their personal belongings worldwide (they can PCS with you!). The best part is they have plans for as low as $12 per month!
- Theft (limitations apply to jewelry, silverware, firearms)
- Fire and Lightning
- Windstorm or Hail
- Vandalism & Malicious Mischief; Riot and Civil Commotion
- Smoke Damage
- Collapse; Falling Objects; Explosion
- Aircraft and vehicles
- Moving and Storage – Personal belongings are covered while in transit or in storage.
- Food Spoilage
- Loss of Use
- No deductible
- Replacement Cost
- Military Uniform & Equipment Coverage:
- For active duty and active duty reserve | Covers loss for military uniforms or personally owned military equipment such as clothing, headsets, insignia
Be sure to understand your plan and what is covered in your policy, and ask your agent about available discounts, deductibles, and your coverage limits.