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Millennials skipping renters insurance, survey says

Millennials rent, but they aren’t so keen on renters insurance.

A recent survey notes that 66 percent of 18-29-year-olds rent their current primary residence, compared with 37 percent of consumers overall.

Less than one third of millennial renters insure their household belongings against fire, theft and other possible casualties.

The reason: The survey, conducted for InsuranceQuotes.com, said 59 percent of millennials cited the cost of insurance.

Also, 61 percent said they lived in a secure property and didn’t really need insurance, while 43 percent said they didn’t have enough property to justify the expense of insuring it. Forty-one percent said they don’t understand the product.

Within the pool of all renters, 33 percent said they don’t understand the product – up from 27 percent who so answered in 2015.

This year, 26 percent said they don’t have a policy because they don’t know where to buy one.

The folks at InsuranceQuotes.com do have some answers for renters unfamiliar with benefits that insurance might offer.

First, for those who don’t know what the coverage covers, consider what it would cost to replace all personal belongings including clothes, books, electronics, furniture, bicycles, owned appliances and such. Make a list, total it up, and that’s what you stand to lose.

Then consider that the property would be insured, depending on the limits of your policy, even when away from home. And, the service continues, renters should consider buying liability insurance. If your dog bites a neighbor, and the neighbor sues, you would be covered within the limits of your policy. And if an event – a fire, for example – made your home unlivable, your policy would cover additional living expenses, again up the limits of your coverage.

Renters insurance is available through insurance agents or brokers, whether through a brick-and-mortar office or online.

For more information, visit the Washington State Office of the Insurance Commissioner website.


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