A new study by Liberty Mutual found that although Millennials are the largest generation of current home renters, their insurance priorities markedly differ from other generations.
The study discovered that while 43% of Millennials are renters, less than half (42%) of those renters have renters’ insurance. Millennials are prioritizing their tech and pets instead, Liberty Mutual found.
Most Millennials participating in the study said that tech is an important personal property worth protecting – they were the generation that ranked tech higher than other age groups in the survey. Nearly a third (29%) of Millennials said they have special insurance coverage for their gadgets and technology. But of the Millennial renters who have personal technology insurance, half (51%) lack renters’ insurance.
Another thing Millennials value more than securing insurance for their rental property is their pets. Millennials are the most likely generation to purchase or adopt a dog or cat in the next year. About 57% of Millennials own a pet, and of that portion 31% of pet owners have pet insurance. Millennial pet parents are also more likely to skip their own medical treatments or appointments to cover their pet’s healthcare costs (37%), the survey found.
“The unexpected is inevitable and it’s important for all generations to understand the importance and value of having good insurance coverage that is customized to your individual needs,” commented Liberty Mutual global retail markets chief marketing officer Emily Fink.
Other findings of the report include:
- Millennials are potentially exposed to more risk to their homes – 57% said they entertain at home or throw house parties.
- Thirty seven per cent (37%) of Millennials who entertain in their home recall experiencing at least one negative event (such as damage to the home, theft, injury), compared to GenXers (16%) and Boomers (5%).
- Of the Millennials who entertain in their home, 55% do not have renters’ insurance.