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Studies Show Millennials Aren't Getting Renters Insurance

A growing number of Tri-State Millennials are skipping out on renters insurance. A trend that could leave some in a dire situation.

Posted: Jun 3, 2021 8:45 PM
Updated: Jun 4, 2021 6:33 AM

A growing number of Tri-State Millennials are skipping out on renters insurance. A trend that could leave some in a dire situation.

Millennials are the largest generation of home renters, but a study says they might have different priorities.

The study was conducted by Liberty Mutual Insurance. It found that only 42% of Millennials who are renting have renters insurance.

The study also found that 31% of Millennials believe the process of getting renters insurance is just too complicated. “I just don’t think it’s necessary… I totally understand why people would want renters insurance. I just don’t think it’s for me personally, because I just don’t have enough stuff in my apartment that’s worth insuring,” one Millennial renter told 44News.

While some young renters don’t see the importance in having renters coverage, some insurance agents believe you shouldn’t go without it.

The study blames a “lack of knowledge” as the reason Millennials don’t prioritize renters insurance.

“Insurance helps cover that financial loss that a person experiences in their life; and as a younger person, we don't have those experiences,” Rick Koberstein with Shelter Insurance told 44News.

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Temperatures dipped back into the upper 30s and low 40s for many of us early this morning, marking our coldest start to a day in Evansville (where we fell to 41°) in more than a week. Fortunately, the chilly start to the day didn't mean that our afternoon would be a loss, it was anything but - in fact, after seeing temperature around 57° by our lunch hour, afternoon highs crept back into the mid to low 60s area-wide; we hit 63° in the River City - while that's still 2° shy of the norm for October 27th, we'll take a 3° increase over yesterday's high of 60°. The clear skies that allowed temperatures to climb as high as they did earlier on however, are on their way out as our next round of rainfall inches ever closer. The remainder of the evening ahead should remain dry, but isolated rainfall will return to the Tri-State as early as the overnight and predawn hours Thursday.
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