More than half of millennials — 56 percent — do not carry renters insurance, according to a recent survey by Nationwide Insurance. This type of policy would protect their personal possessions from damage or loss.
The survey found that 3 out of 4 millennials without renters insurance aren’t aware of the relatively low costs associated with the coverage, Nationwide says.
“It’s clear that there’s a misconception among millennials about the importance of renters insurance and how much it really costs,” Matt Jauchius, Nationwide’s chief marketing officer, says in a statement.
Also, more than 40 percent of those without renters insurance don’t think it’s necessary. Yet 68 percent of millennial renters believe it would cost more than $5,000 to replace their stuff in the event of a loss.
Nationwide surveyed 1,028 renters between ages 23 and 35.
A few other key findings:
“For the $20 renters spend on items such as coffee and streaming video, they can get excellent coverage to help protect their belongings,” Jauchius says.
The survey was conducted by market research firm Harris Interactive.
What’s all the stuff in your apartment worth? Read our primer on purchasing renters insurance.
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