Most Millennial Renters are Uninsured

for rent (2)A recent survey by Nationwide Insurance determined that 56 percent of surveyed young adults in the Millennial Generation who lease their housing do not have renters’ insurance. This is true despite the relatively low cost of this insurance, indicating that Millennials may not be aware of the benefits, low cost, and safety of protection this insurance can offer.

Renters’ insurance offers solid protection, a fact supported by more than half of those respondents who had purchased insurance and cited protection as the reason why.

Survey respondents placed the average cost of replacement of their belongings at $5,000. The cost of renters’ insurance is a miniscule price to pay considering the loss of all or most belongings in a disaster or theft could be devastating.

Additional benefits of which the respondents were unaware included damage belongings by the renter’s guests and other party damage. Respondents did not know that temporary housing expenses in the event of a structure-destroying catastrophe are covered.  A full 40 percent did not know that losses resulting from theft were covered–an interesting fact since 31 percent said that theft was their second biggest fear, next to fire, as a cause for financial loss.

For more information on renters’ insurance in the Dallas/Ft. Worth area or any other Texas insurance needs, contact Mike Leonard Insurance Agency in Carrollton.