USAA offers something called Academy Personal Property Policy, available only to the 5 SAs, roughly $5-$8/month, low deductible, replacement value. Covers uniforms, personal electronics, high ticket sports gear, musical instruments, any personal gear, class ring, other jewelry, engagement ring down the road, wherever that stuff happens to be, with them, car trunk, storage unit, sponsor's basement, buddy's house, USNA locker, etc.
Though much would be covered by homeowner's policy of parents, the HO deductible would be too high or it might not be a good thing to have too many small claims against the HO policy. The mid gets this in their own name, which lays the basis for a multi-policy discount when it's time for auto insurance.
Agreed - not too much utility for plebes/doolies/swabs, but all mids/cadets only get more stuff.
After graduation, the new ensign/2nd lieutenant simply calls USAA to update the profile, and the personal property insurance continues wherever they happen to be, even if they are not renting. All stuff is covered.
We usually recommend to our USNA sponsor mids they consider it no later than when a car and class ring are now in their possession, 2/c year, second semester.
We had a sponsor mid who finally got personal property coverage two weeks before graduation. On graduation night, he parked his car off-Yard, filled with every brand-new uniform, Play Station, new sword, new cover, bicycle, laptop "safely out of sight," etc. Everything he owned was in that car, ready for him to PCS to first duty station. Car was stolen that night. USAA auto insurance covered car theft, but nothing non-car-related. USAA personal property insurance covered everything else, except for his $50 deductible.
Like all insurance, it's a hedge against risk and a personal decision.