Young adults born in the 1980s or 1990s—known as the Millennialgeneration, or Generation Y—are having a big impact on culturaltrends, including renters insurance purchases.

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Tech savvy and in a hurry

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"Tech-savvy Millennials are truly leading the charge inreshaping how we secure and protect our valuables and possessionswhen renting," said Brian Richards, Renters Insurance Expert atProtect YourBubble, a national provider of renters insurancewith custom insurance packages. "Millennials want to trustthat their belongings are protected, but they want the process ofprotection to take as little time as possible and do it throughonline channels."

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Protect Your Bubble has identified the following trends amongMillennial renters:

  • Millennials are increasingly getting renters insurance for their apartments that can golive the very next day
  • Millennials are embracing the renters insurance sign-up processbecause they can get a customized policy online or via theirsmartphone in a matter of minutes
  • Millennials don't want to go through the lengthy process ofacquiring insurance through traditional channels, nor do they wantthe process to be drawn out by too many questions
  • Millennials believe their personal possessions with the mostvalue are located in their kitchen

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According to a recent TransUnion study, seven in 10 Millennialssaid they prefer to conduct research online with their laptop,computer or mobile device when searching for a new home orapartment to rent

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Also according to TransUnion, Millennials are more likely to usesmartphone apps during the rental research and application processand are less reliant on word-of-mouth recommendations than theirpeers aged 50+ (3% vs 14%, respectively)

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Check out the helpful renters insurance infographic below thatsuggests going through your apartment room-by-room to see how muchyou could lose—or how much you could save—if it was all covered byrenters insurance.

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Renter Insurance Room-by-Room

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Source: Protect your bubble.com

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Jayleen R. Heft

Jayleen Heft is the digital content editor for PropertyCasualty360.com. Contact her at [email protected].