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.