Young adults born in the 1980s or 1990s—known as the Millennial generation, or Generation Y—are having a big impact on cultural trends, including renters insurance purchases.
Tech savvy and in a hurry
“Tech-savvy Millennials are truly leading the charge in reshaping how we secure and protect our valuables and possessions when renting,” said Brian Richards, Renters Insurance Expert at Protect Your Bubble, a national provider of renters insurance with custom insurance packages. “Millennials want to trust that their belongings are protected, but they want the process of protection to take as little time as possible and do it through online channels.”
Protect Your Bubble has identified the following trends among Millennial renters:
- Millennials are increasingly getting renters insurance for their apartments that can go live the very next day
- Millennials are embracing the renters insurance sign-up process because they can get a customized policy online or via their smartphone in a matter of minutes
- Millennials don’t want to go through the lengthy process of acquiring insurance through traditional channels, nor do they want the process to be drawn out by too many questions
- Millennials believe their personal possessions with the most value are located in their kitchen
According to a recent TransUnion study, seven in 10 Millennials said they prefer to conduct research online with their laptop, computer or mobile device when searching for a new home or apartment to rent
Also according to TransUnion, Millennials are more likely to use smartphone apps during the rental research and application process and are less reliant on word-of-mouth recommendations than their peers aged 50+ (3% vs 14%, respectively)
Check out the helpful renters insurance infographic below that suggests going through your apartment room-by-room to see how much you could lose—or how much you could save—if it was all covered by renters insurance.
Source: Protect your bubble.com