The Millennial generation, or those that came of age in the 2000s, presents a unique challenge to today’s employers, especially those in the insurance industry—namely, how to adapt traditional product strategies aimed at homeowners to the needs of a population following a non-traditional path into the housing market.

The average member of this growing segment—one that typically drove the growth in the homeowners’ insurance market in years past—is now graduating from college carrying a much heavier debt load than his or her parents ever did, in the form of an average of $23,000 in student loan debt. Today’s higher costs of financing a college education will not likely abate any time soon.

According to Bloomberg, U.S. debt from college loans has reached $1 trillion, surpassing consumer credit card debt for the first time while sparking heated debate on Capitol Hill. Consequently, home ownership for this generation will be significantly delayed. So exactly what does this mean for selling homeowners’ insurance bundles?

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