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Important Changes for Sailors in Base Housing

Starting next year, the Navy will no longer include renters insurance as part of the lease agreement for base housing.

All other branches of the military have already made the switch to this policy; the Navy is the last to adopt it. Greg Wright, the Navy Installations Command Housing Director said, “This change will provide equality among all Sailors – those renting on the economy and within PPV housing.”

While it’s not a requirement to obtain renters insurance, it is highly recommended. Unfortunately, a common misconception among renters is that they are covered under the insurance the homeowner has on the house. It’s vital to know that the homeowner only has coverage for the structure of the home, not for the tenants’ belongings.

Some servicemembers choose to not have renters insurance because they don’t want to deal with another bill. What they’re most likely not aware of, is that a basic renters insurance policy can be as low as $5-$10 a month. For more coverage, a policy can be anywhere from $15-$30 a month. It’s better to have renters insurance and not need it than to need it and not have it. It’s a small price to pay for coverage and peace of mind.

Military families should consider acquiring renters insurance that does not have territorial limits. This means the policy will follow them almost anywhere in the world. For families who, on average, move every three years, having a policy that will cause no extra hassle during the moving process is a bonus.

It’s important to understand how detrimental not having renters insurance can be. If you come home to find you’ve been robbed, or if a natural disaster strikes and you lose a vast majority of your possessions, without insurance, you are responsible to pay out of pocket to replace what was lost. For many families, this can easily cost $20,000 or more. With insurance, you’ll be covered up to the amount you selected in your policy. Renters insurance can be the difference between an inconvenience and a financial crisis.