Times are changing and with it the composition of our population. Today’s children are tomorrow’s adults. And, as it seems, yesterday’s children don’t think about housing the way their parents did at their age. At one time, owning a home was a standard feature of the American Dream, but millennials are increasingly choosing an urban lifestyle over a suburban one, preferring an active night life, culture, glamour, and better job opportunities. In other words, millennials are trying to preserve the college experience.
One consequence of this shift in attitude is that they are far more likely than their parents to rent an apartment or purchase a condo than purchase a new home. According to one online survey of young adults, 60 percent chose to rent as opposed to owning their own home. And it turns out that another six out of ten of those young adult renters do not carry a renter’s insurance policy.
Obviously every situation is different, but here are the five things to think about if you are renting.
Renters policies can cover property not only at home, but also away from home. For the globetrotting children of the late 80s and 90s this will come in handy.
Renters policies can cover damage to electronics and the millennials love their electronics.
Renters policies can cover stolen property, which may be of greater concern to city-dwelling youngsters, but it’s still important to anyone who rents!
Renters policies can cover losses incurred by identity theft and help repair the damage. With identity theft making headlines, it’s much easier for a young person to imagine the possibility of their identity being stolen rather than their rental unit burning down.
Renters policies can cover their personal liability. You know that dog that you think is so cute and playful. The one that bites the little boy living next door who was playing with him in a rough and tumble way. The little boy whose parents hire one of those lawyers you see on tv saying they will sue and get every dollar you deserve.
If you’ve read my reasons for purchasing renter’s insurance but still aren’t convinced, ask yourself this one simple question, “How much would it cost to replace EVERYTHING I own?” Compare that to an affordable (seriously, affordable!) renter’s policy and see how you feel about renter’s insurance then.