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United
Services Automobile Association (USAA) will provide an opportunity for USAFA
Class of 2011 cadets to apply for personal property insurance during the
week they are issued their laptop computers.
While USAFA
provides a secure living environment for Cadets, the policy protects their
possessions while at the Academy or other locations, and when it is in
transit.
Basic Coverage
$3,000 for $42.86/yr:
--- Uniforms and Clothing
--- Athletic Equipment
--- Books
--- Musical Instruments
--- Jewelry (up to $3000)
--- Cell Phones/Electronics (mp3, stereo, etc)
--- Identity Theft (up to $5000)
--- Specifics in brochure/application
-- Deductibles are $0/class ring, $50/Academy laptop, $100/all other
-- Insures against multiple perils
---
Theft/Vandalism/Malicious Mischief
--- Fire & Lightning
--- Windstorm & Hail
--- Flood and Water Damage
--- Brochure/Application will contain specifics
---
Does not cover damage from use/negligence or misplace/loss
-- Automatically makes the cadet a member of USAA, and more great
financial products/services
-- Requires USAA Subscriber’s Agreement and Limited Power of
Attorney
--- Acknowledges
the cadet as a USAA member
--- Authorizes President of USAA
to conduct insurance business operations on your behalf
--- As
member-owned association, states require document on file
-- Policy, if taken, will be effective on the date of the application.
- USAA offer is not
mandatory for any Cadet to purchase
- The
brochure/application was made available to each Cadet and collected and returned
to USAA if Cadet elected to
purchase the policy
- Single annual
premium payment or USAA’s Automatic Payment Plan (monthly payments) can be
used to pay the premium by the cadet upon billing by USAA. Bills will be issued during the week of September 18th
with payment due beginning on various dates starting October 12th,
- Personal property
(renter’s) insurance is a financial product that has been addressed and
encouraged by senior Air Force leadership as a product that service members
should consider purchasing (see article below):
Servicemembers encouraged to purchase
renters insurance
BY: Steven Donald Smith, American Forces Press Service
07/07/2006
WASHINGTON, July 6, 2006 – With
hurricane season in full-swing, military officials are encouraging
servicemembers who don't own their own homes to purchase renters insurance to
protect their personal property.
"Hurricane
season is now upon us. We urge you, particularly if you live in an area prone to
nature's fury, to examine how prepared you are to protect your family
financially," Air Force Secretary Michael W. Wynne stated in a recent
letter to airmen regarding personal financial management.
Wynne said one of the lessons learned from the 2005 hurricane season is that it
is important to assess insurance needs sooner rather than later.
"Too many of our teammates, including retirees, were caught unprepared and
now are bearing an avoidable financial burden," he said. "All Air
Force members, whether living on base or off, should consider their family's
needs for adequate personal property (renters) insurance."
Wynne said airmen should make a detailed inventory of their personal property
and also should consider purchasing flood insurance, which is not part of
standard homeowner or renter insurance policies. "Chance favors the
prepared," he said.
The commandant of the U.S. Coast Guard also sent out a message to all Coast
Guardsmen urging them to protect their property with insurance.
As a result of hurricanes in 2005, Coast Guard members living in government
housing filed more than 650 personal property claims totaling almost $700,000 in
damages. The amount paid via the Coast Guard claims process is typically a
fraction of the actual cost to replace damaged items, Coast Guard officials
said.
Insurance providers such as GEICO and USAA also strongly recommend
servicemembers get renters insurance. Most policies cover renters of all types,
including those living in apartments, dorms or base housing.
"Renters insurance has become a high priority communication for senior
military leaders," Michael Kelly, USAA executive director of military
communications, said. "In addition, the Navy is now requiring those
occupying military housing to sign a form stating they were advised of the need
for renters insurance prior to occupying military housing."
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