I hope everybody enjoyed the Armed Forces Day events last weekend and that youíre looking forward to Memorial Day.  As we celebrate and remember the freedoms the Armed Forces have secured for us in the past and secure for our future, I want to make sure we take care of each other and our families by securing our future. Short and simple:  you need to be insured.

This space is too small for me to discuss all types of insurance; whatís right for individuals depends on their circumstances.  Coverage varies widely.  I wonít presume to tell you what the right amount of insurance is for you and your family or what the right products are. Let me focus on a few key areas. 

First, you need insurance for your car, truck, motorcycle, or other personal vehicle. Vehicle insurance is a smart way to protect you, your family, and your investment; itís also the law and, if the vehicle is financed, usually required by the vehicleís lien holder. Car repairs are expensive and so are accident related medical expenses and liability issues. 

While youíre reviewing insurance for your ìregularî vehicles, donít forget about insurance for your recreational vehicle (boat, RV, personal watercraft, etc.). It might not seem obvious, but itís just as important. Be prepared; the right amount of insurance can mean the difference between hardship and peace of mind.

Second, watch out for insurance scams and other insurance products with little value.  Unfortunately, there are numerous vendors with countless products. Some vendors are unscrupulous while some products merely donít earn the customer any money; still others donít offer much (if any) protection relative to their cost.  Just like payday lending, be wary of insurance pitches.  Be smart, ask lots of questions, and do your research.

Third, take a moment to review your life insurance needs. Life insurance should be part of everyoneís personal readiness and personal financial planning. The choices are often confusing and overwhelming.  But, when facing such pitfalls as choosing between whole life, term life, and countless other products, donít lose sight of a great benefit already available. Every servicemember has the opportunity to enroll in SGLI and family SGLI. 

The former offers up to $400,000 in coverage, while the latter offers up to $100,000 for a spouse and $10,000 per child. For the tiny amount of premium paid for that coverage, SGLI is an outstanding value.

However, in certain situations, SGLI may not reflect the right amount of life insurance coverage for a servicemember and spouse. I urge you to examine your familyís potential financial needs and then consult with an insurance specialist, attorney, or other advisor to determine the right product and coverage.

Finally, I want to talk about property and renterís insurance.  It is as important to you as auto and vehicle insurance is, and often overlooked. My focus today is renterís insurance, merely because the majority of homeowners have a mortgage; virtually all lenders require homeownerís insurance as a condition of the mortgage.

Renterís insurance is a necessity. But, it pains me to share that a majority of our on-base residents do not have renterís insurance and liability coverage. I strongly suspect that most of the members of our regional Navy team living off base also donít have it. Thatís worrisome.

In the event of an accident, natural disaster, or other catastrophic event, how do you plan to replace your basic belongings? 

Remember that even if you and your family are very careful people, accidents happen to other people and they can affect you.  Weíve recently seen some examples where on base residents experienced fires in their homes; the effects of the fires were felt not only by the resident but also by their neighbors.

Remember that thereís not only the consideration of your personal property.  Thereís also the possibility of liability for property damage and/or injury to other people.  Replacing your Bose stereo will be expensive; equally expensive will be paying for other folksí damages and medical bills.

I have an important note for our on base PPV residents:  the insurance provided by the PPV contractor at no cost to the resident does NOT cover damage to the facility caused by the tenant; it only covers the tenantís personal property. 

However, the resident may be liable for those facility damages. Additionally, the coverage is not generous: $10,000 doesnít go a long way:  think about total cost of your homeís belongings and youíll quickly come to the realization that you need more coverage.

Two last notes. First, if you have special, high-value items, consider adding a rider to your general insurance policy that protects a particular item or group of items. Different insurers offer different products, but common riders include those for jewelry, electronics, or art.  Second, folks living in the BQs (whether bachelor or geo-bachelor) or single folks living alone off base arenít immune from needing insurance ñ for all the same reasons as members with families.

In all cases, discuss your needs with a specialist. Take advantage of the Command Financial Specialist or the Navy and Marine Corps Relief Society and the Fleet and Family Information Center.  Their experts can help you assess your needs and identify the right insurance products.

Again, I want you to take care of yourself and take care of your family.  Insurance is a great way to do that.  They Boy Scoutsí motto is appropriate:  be prepared.