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Millennial Renters are Least Likely to Have Insurance

AUSTIN, TX—The insurance industry should educate this new generation of renters to demonstrate it's an affordable financial safety net.

By Lisa Brown | lisabrown | Updated on May 31, 2016

One-fourth of 18- to 29-year-olds believe they’d have to pay $1,000 or more for insurance.

AUSTIN, TX—A new survey released by insuranceQuotes finds that millennials are most likely to rent homes, but very few are covered by renter’s insurance. And while coverage is not expensive, not having it could cause a huge financial hardship.

The majority, 66%, of 18- to 29-year-olds rent their homes, compared to just 37% of consumers overall. However, less than one-third of millennial renters have renter’s insurance, according to the survey by insuranceQuotes, in partnership with Princeton Survey Research Associates International.

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