Renters Insurance and Millennials
Many millennials are graduating from high school and starting college, and moving on to these next chapters in life can be exciting but also quite stressful. Millennials have a lot to focus on, which is not surprising a recent article from PropertyCasualty360 reporting that millennials are most likely to rent homes but the least likely to purchase renters' insurance.
According to recently conducted surveys, 66 percent of 18 to 29-year-olds rent their homes, but nearly 70 percent of those millennials don't have renters' insurance. When asked what was keeping them from getting coverage, a majority explained that cost wasn't the primary reason they chose to go without coverage. Instead, 61 percent of millennials skip renters' insurance because they believe their property is secure enough and safe from potential damages; 43 percent claim they do not have enough property to insure; and 41 percent report not understanding how the product works.
Here are some tips for helping you better understand the importance of renters' insurance:
What renters' insurance covers
Breaking renters' insurance down to its three main components and what type of coverage it provides:
Personal Property coverage: Clothing, furniture, dishes, electronics and other contents of their home are covered. To get a rough idea of the dollar amount of coverage needed, the customer should add up the cost of replacing every major item in their home and then double that amount.
Liability coverage: This component is important because it can protect clients from financial loss resulting from a lawsuit for claims that come within the coverage of the insurance policy. For example, if someone is injured in their home, renters' insurance can cover clients in a lawsuit that might ensue.
Additional Living Expense: If a client is unable to stay in their apartment after a covered loss, this coverage reimburses the client for reasonable costs of temporary lodging up to the policy limit.
Importance of flood insurance.
Renters' insurance usually covers water damage from plumbing problems and personal property damaged in natural disasters, but not all policies cover flood damage caused by natural disasters. Therefore, many renters may need to purchase additional flood insurance.
Renters' insurance is a wise investment that millennial clients shouldn't miss out on simply because they lack awareness. For more information contact your agent or call us.
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