How to make renter’s insurance a reality for Millennials
Millennials are a large group, comprised of those who were born in the 1980’s through the early 2000’s. And though it is not always practical to describe several generations of people as one larger group, there are some issues that apply to most people currently in this age range. For example, millennials are a group known to be struggling with high student loan debt, challenges with affordable housing, and a tough job market.
In addition to these many commonly shared struggles, millennials also have to deal with the issues that relate directly to such problems. For instance, because home buying is not something in the majority of millennials’ plans, they must become long-term renters. While this can actually provide financial breathing room, it does mean that they must also pay for a lot of associated costs, including renter’s insurance.
Strength in Numbers
Being described as a millennial also means being part of an enormous group of people, roughly 80 million in the United States alone. And around 50% of millennials are officially renting their housing. Though some live at home and may even have the wherewithal to own their own homes, a larger number find themselves renting apartments and homes of many kinds.
The owners of the properties are aware of the increasing demands for the rentals they make available, and because of this, they are imposing ever-increasing demands on their tenants. One of the newest requirements for many renters is that they must show proof of renter’s insurance. For some, the first time they even hear about renter’s insurance is when they prepare to sign a lease.
However, with this new requirement comes a small amount of good news, and that is that there is strength in numbers. Realistically, there is a benefit to numbers, and by that, we mean that many renter’s insurance plans offer something known as “risk pooling”.
As an example, let’s say that you are someone who rents one apartment in a Miami building that also has several other apartments. You know your neighbors and that all of you are within the millennial age bracket. You can all pool together for a renter’s insurance plan that allows everyone to meet the landlord’s requirement for the coverage while also giving everyone in the building the peace of mind that comes from such insurance.
Understand the Generation
Millennials are a unique group that already have accepted the concept of pooling resources and sharing. They are the first to use apps to find shared carpools, shared rental spaces, and social media that shares every facet of their private lives. Though older generations may balk at the idea of a shared insurance plan, millennials tend to embrace the benefits of sharing rapidly and they quickly recognize the benefits to be gained.
Whether you are a millennial in search of renter’s insurance because your rental agreement demands it, or a landlord considering imposing a requirement for a renter’s insurance plan for each new tenant, don’t overlook risk-pooling options. Because more and more of this group is hearing about this sort of coverage, there is some resistance to the expense. Learning that there are comprehensive plans that are more affordable through pooling options is often a guaranteed way to encourage enrollment in coverage.
Renter’s insurance is a financially savvy move, and millennials are beginning to discover the sense in purchasing it. Offering protection to themselves and those around them, it is an affordable opportunity made even more appealing when it is part of a shared or pooled plan. Contact an Avante Insurance representative today to study your options in Rent Insurance