Renting high among millennials, but having renters insurance not

On Behalf of | Jun 2, 2016 | Insurance Law

Different age groups experience different trends when it comes to all manner of things. This includes housing. One current housing trend among the millennial age group is a high occurrence of renting, as a recent survey illustrates.

The survey points to renting being far more common among millennials than it is among consumers generally. The survey’s results indicated that renting (rather than buying) their main residence is something 37 percent of general consumers do. In contrast, among individuals in the 18-29 age group, the percentage of renters was all the way up to 66 percent.

One of the types of insurance that companies make available to renters is renters insurance. Such policies can contain a variety of kinds of coverage, including different sorts of property protection coverage and different types of liability coverage.

Given how common renting is among millennials, one might think that renters insurance would be a pretty common thing for millennials to have. However, the above-mentioned survey indicated that a good portion of millennials don’t have such insurance. It has been estimated that over two-thirds of millennial renters lack renters insurance.

Why are so many millennial renters opting to not have such insurance? Some of the common reasons that the survey found that millennials gave for not acquiring such insurance were: a belief that they lacked enough property to necessitate insurance, concerns about the cost of such insurance and a belief that the property they are renting is secure.

One wonders if this trend of many millennial renters deciding to not have renters insurance will continue in upcoming years and what impacts this trend among a high-renting group will have on insurance companies regarding the marketing/selling of renters insurance. What do you see as the biggest marketing and policy sales challenges facing insurers that offer renters insurance when it comes to the millennial generation?

Different sorts of insurance can raise different sorts of challenges. This is not only the case when it comes to insurance marketing and selling challenges, but also challenges related to claims. When an insurance company is dealing with difficult issues related to a renters insurance claim or facing a dispute with a renter over such a claim, they may find having the guidance of a skilled insurance defense attorney to be helpful when it comes to addressing the unique challenges related to the issue or dispute.