Survey: Millennials Pass on Renters’ Insurance

By Bryce / May 7, 2014

When it comes to owning their piece of the American Dream,  adults ages 24 to 34 are opting to rent rather than own. Millennials represent the largest demographic in America, yet according to a recent Nationwide Insurance survey, more than 56 % pass on renters’ insurance. Moreover, 75% have a misconception of its true value and relatively low cost. 

Three ways insurance agents can reach millenials to start the conversation:

  1. Renters search. Cole X-Dates allows insurance agents to target renters by street or zip code. In addition, agents can choose between house and apartment renters along with condo owners.
  2. Filter by age and length of residence. This builds your credibility and allows you to fine tune your message–allowing for the ability to focus only on the 24-34 age group and how long they’ve been renters.
  3. Educate benefits. Whether in conversation or copy, clear up any misconceptions about what renters’ insurance does and does not cover. Also include the low costs and the value it provides.

“… For the $20 renters spend on items such as coffee and streaming video, they can get excellent coverage to help protect their belongings. Considering renters share many of the same risks as homeowners, it’s not only important, it’s a no-brainer….”

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