Whether you rent or own a house, you'll need to insure it. You can choose from renters' or home-owners insurance, and many different plans. Renters insurance provides the same kind of general personal property coverage and liability protection as a homeowners policy. Unless you can afford to replace all of your personal belongings in the event of a disaster, you should purchase a renters policy. A renters policy will also protect you in the event you damage or destroy the landlord's building. Without renters insurance, you could be held liable for the total loss. Renters insurance is reasonably priced and should not be overlooked by anyone who is serious about protecting their assets.

Government Housing Can Be Covered
Because the military may find you responsible for damage to government residential property under your control, it is recommended that all service members living in government-provided quarters purchase their own renter's insurance.

You get the dual benefit of no depreciation on your personal property up to certain limits, and you have a good chance of being reimbursed up to those limits even if the government can prove that you are at fault. You also get liability protection in the event that you or a family member causes damage to your quarters. For example, if your child starts a fire or causes water damage to the building you live in, the government will likely hold you responsible for all damages to that building, including other units in the building. Make sure your own renter's insurance has sufficient liability protection.