Do Millennials Need Renters Insurance? Learn The Benefits

If you are a millennial, there is a good chance you rent a home, apartment or condo. According to surveys, up to 70% of millennial renters do not have renters insurance. This is an alarming statistic. Whether you are a young professional or finishing up your college degree, every renter should have a renters insurance policy.

Simple reasons millennials choose not to buy renters insurance –

“I am secure enough from potential damages”

Is this true? If your apartment, condo or home was in a fire and you lost all your valuables, would you feel financially secure enough to replace everything?

“I don’t see the value in renters insurance?”

Instead of it being a value issue, some millennials may not fully understand what renters insurance actually covers. So, we thought it would be good to break down exactly how renters insurance works (see below).

Another common thought, “if my apartment, home or condo is damaged in a fire, flood, etc., my landlord covers the damages?”

Your landlord most likely would not be required to cover damages to any of your personal belongings.

What Renters Insurance Covers

Renters insurance covers your personal property: Items that you own from your furniture, clothing, computer, kitchen items and more.

Renters insurance provides you with liability coverage: Coverage limits vary, but if you someone were to injure themselves in your home, you would have protection. Other common examples include your dog bites your friend or a friend falls in your kitchen and breaks her wrist because you left water on the floor.

Renters insurance may cover the cost of temporary housing. If your home, apartment or condo has major damage that prevents you from being able to live there, renters insurance may cover the cost of a hotel room.

Did you also know that renters insurance is very affordable?

Renters insurance can be as cheap as $1/day. While most renters insurance policies provide $100,000 in liability coverage, you can increase this limit. Talk to your insurance agent about how a bump in liability coverage can provide additional protection at a very affordable price.

Speak with an agent in our office today!

Whether you are renting an apartment, condo or home, there are many benefits of having a renters insurance policy. Contact our agency with your questions! We represent the top insurance carriers and can quote you with all our carriers at once for renters insurance. We’ll explain your options and show you a side by side comparison of coverage options. Get your free quote over the phone or email.