Money tips for military renters

Money tips for military renters

If you are on active duty, it is highly likely that you will have to move around a lot.  Often it makes the greatest financial sense to either live on base or to rent an apartment nearby; however, if you are caught off-guard, renting can have a seriously adverse effect on your bank balance.  You therefore need to make sure that your money is protected before signing a lease.

In order to help protect your belongings, you should always make sure that you have renters insurance when you move.  This is the case regardless of whether you are living outside or inside the gates of a military installation.

Should your building be affected by fire or flood, the responsibility for replacing all of your personal possessions – including your electronics, clothes and jewelry – would be yours alone and could end up costing you thousands of dollars, all of which would come from your own bank account if you do not have renters insurance.  It costs very little to get an adequate renters insurance policy.  all-in-all it is a small price to pay to protect against an accident.

If you do not want to move into military quarters, you will normally be eligible for Basic Allowance for Housing.  This is a monthly tax-free allowance to assist with housing expenses.  The amount on the monthly check will be dependent on your pay grade, your duty station, and whether you have children.