Personal Property Insurance

[FMHS-79]

I secured personal property insurance for my older DS living in the dorms of a non-SA educational institution. I just received an online quote of $60/year from USAA for $10k of coverage for my son getting ready to report for BCT (including no-cost coverage of $2,500 for the academy-issued computer and $2,500 for academy ring).

I know that the cost is low, but wondering if any of the more experienced members of the forum have ever observed the need for this type of coverage? If nothing else, I'm thinking that drops/spills coverage for the academy-issued computer may be worth the $60/year.

 

[AROTC-dad]

Many years ago, my oldest DS was non-military and someone in his college dorm knocked a glass of soda onto his laptop. His dorm insurance (similar to what you have at USAA), covered the replacement computer less a $100 deductible.

That alone, was worth the premium cost.

The other advantage is that a separate policy like this one keeps your homeowners policy "claim free." Your HO policy will typically have a much larger deductible as well. (usually $1,000 or more).

 

[FMHS-79]

I was 95+% convinced this had a favorable cost/benefit profile, but appreciate your validation. Thanks.

 

[AROTC-dad]

One shoe may not fit all. If your DS/DD has $500,000 sitting in a savings account, then self insurance may be the way to go. For less than a $100, getting the peace of mind of knowing that I would not have to shell out a couple grand if the laptop or all his belongings got destroyed, was worth it.

As FMHS-79 said, everyone should run their own cost/benefit risk analysis.

 

[Capt MJ]

The USAA personal property policy also establishes, assuming policy is in your son's name, his full membership in USAA in his own right, serves as the underpinning for multi-product discounts down the road, starts the Subscriber Savings Account, and protects his stuff in his or anyone's car, in a dorm, in a storage unit, in a storage tub at your house, etc. My very first policy with USAA was personal property policy, the only folks willing (that I could find) to cover my stuff in Spain.

It's the personal electronic devices and sports gear that add up, as well as uniforms.

Once he has an auto or property policy, his USAA membership is established, regardless of any future military status, and he can share membership with future spouse and children.

https://www.usaa.com/inet/wc/faq_Enterprise_Money_?akredirect=true

 

[beantown31]

Do you have to have a homeowners or renters insurance policy before you can obtain that.? I looked it up to get a quote and it states you do or am I looking under the wrong thing?

 

[AROTC-dad]

Do you have to have a homeowners or renters insurance policy before you can obtain that.? I looked it up to get a quote and it states you do or am I looking under the wrong thing?

No, you do not. Your are looking for a free-standing "dorm" or "college renter's insurance" policy that is separate from HO or renters. Your cadet/mid/student does not typically need the "liability coverage" that a typical renter's policy has.

Google "dorm insurance" and you will see a lot of what is being discussed. These are not offered by the "big" carriers typically.

I can't post any commercial links per Forum policy (I gotta follow the rules now, folks )

 

[1mom]

My son just got a his own Renters Insurance policy with USAA for $120/year. It was a smooth process. We're current USAA members.