It’s not just us baby boomers who need renters insurance if we are “in-between” homes in down-sizing mode or are relocating professionally. Just because we may have more “stuff” than our younger millennial counterparts doesn’t mean they shouldn’t protect their personal property and protect themselves for personal liability.
The fact is that statistics show 72% of householders age 30 or younger are now living in rental homes or apartments according to the National Multi Housing Council. An Oct. 2014 White House Report from The Council on Economic Advisers, attributes the shift in labor force participation, increased college enrollment and delayed marriage to Gen Ys’ decline in home ownership compared to previous generations. Also more property management companies and rental property private owners are requiring proof of renters insurance from tenants.
Millennials may not understand the added value and coverage a renters policy provides for a relatively low price. A renters policy on average can cost between $120 to $187 annually to protect most commonly for fire and theft — depending on the amount of personal property and the amount of personal liability wanted. That’s only about $10 to $16 a month to protect all your electronics, furniture, kitchenware, clothes, etc. and for protection possibly in the event of a law suit for liable, medical accident within your home, damage to the rented property, etc. You might ask yourself “how much would it cost to replace everything I own and to protect me personally?” $10 to $20 per month can give you affordable peace of mind!
Give us a call or email at Randy Jones Insurance in Pleasanton to discuss how to protect yourself and your assets as a renter. We’re knowledgeable; we’ve got a variety of insurance carriers and we’re here to help!