The Military Wallet

Tactical TakeDo military spouses (children and veterans) get airline discounts? The quick answer is kind of. While most military baggage discounts are available to military spouses and children when traveling with their service member, they usually don’t extend to solo leisure travel. “We can’t afford to take vacations because our vacations are going home.” There is grief in that sentence that I didn’t fully understand as a newer military spouse.

It’s so common, it’s almost a cliché. Two or more military friends become roommates, perhaps on base or maybe in an apartment or house off base. There’s a whole lot to recommend these arrangements. Besides bonding and building camaraderie, it’s practical, typically with real savings to all parties’ costs of living. But what happens if there’s a fire, burglary, or bodily damage to a visitor who has an accident on the premises? Will the renters insurance policy stump up, protecting everyone?

The Department of Defense estimates that between 260,000 and 280,000 service members participate in a permanent change of station move each year, and each of those service members and their families will move on an average of once every two to three years. But those numbers are represent real military personnel and their families, families who have a lot of stuff.

Insurance companies are increasingly deploying artificial intelligence (AI) to manage claims and provide quotes for coverage. They say that it can do these things faster and more accurately than any human, making AI for insurance claims and quotes immensely flexible. However, some instances of AI bias have emerged, while there may be grounds for worrying about data security. Worse, it might be difficult to get a human to override an AI’s decision made in error.

It is a common assumption that living in housing on a military base means everything inside your home is automatically covered. After all, military housing feels like its own sheltered world, complete with security gates, familiar neighbors, and the feeling that the military “has got you covered.” But the reality is that homes on military installations are not immune from the same hazards as any other home in the community, including loss or damage to your personal belongings.

Military gear is subject to all sorts of hazards, from deployment and PCS to everyday transportation between your home and duty station. It’s vulnerable to loss, damage, theft, and that one guy who was “just getting his stuff back.” And whether it’s your personal gear or issued equipment, military equipment is expensive. Your homeowners or renters insurance may cover all or part of any losses that occur. Unfortunately, deciphering coverage rules is a complex undertaking.

It’s easy to get a warm feeling about your new renters insurance policy when you read about all the protections you get at a reasonable price. But too few of us ask, “What does renters insurance not cover?” Not asking that question can lead to some nasty surprises if you ever have to make a claim. And because military families live highly mobile lives, we can’t afford to make mistakes when it comes to choosing the right rental insurance coverage.

Leaving the military is a major life change. Confirming your insurance coverage is an essential part of post-military life that you can’t get wrong. Not planning properly could leave you without the protections you need. With a strong insurance checklist guiding your every step, you can protect your health, income, and family as you leave the military and move into civilian life. Please note that this article is aimed at assisting those who are separating from the military, rather than retiring.

Supplemental income in the form of side hustles and gig work is increasingly common, but often misunderstood in the military. Many active-duty service members assume this is permitted and covered by their existing insurance policies. But the fact is that freelancing/engaging in secondary employment can leave you vulnerable when it comes to insurance coverage. Before you become a rideshare or delivery driver, or any other type of gig worker, ensure that you and your family are properly protected.

Military families are used to sacrifice. They face inconveniences, not the least of which is being uprooted to a new location every few years. The cycle of constant PCS moves, deployments, and overseas living exposes our personal possessions to additional risk, especially for luxury and high-value items.