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Home Special Sections Relocation

Renter’s Insurance and Misconceptions among Millennials

August 9, 2019
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A recent study found that millennials are renting in larger numbers than ever before, but that they are not getting renter’s coverage even though it’s inexpensive and can provide protection for their belongings.
Researchers also found that most (75%) of the people surveyed did not know they could obtain renter’s insurance for about the same monthly cost as a pair of movie tickets, and had therefore not purchased coverage for their possessions.
They concluded that there was a clear misconception among this group of young people about how important it is to have renter’s insurance and the true cost of coverage. Leaving belongings at risk when about $20 per month can buy adequate coverage is an unwise move.
Renters often live in properties with multiple units, and they may not always realize how high the risk of fires and other disasters are in these places.
Although property owners are responsible for repairs to the structure in the event of most disasters, they are not responsible for tenants’ belongings. It is up to renters to make sure their possessions are protected.
In their research, experts also found that about 40% of people without renter’s coverage did not think it was necessary. Nearly 70% of all young adult renters replied that the cost to replace all of their belongings would exceed $5,000. Renters who had coverage said they bought policies because they wanted the peace of mind to know they were protected.
Inexpensive Peace of Mind
A plan that costs around $300 a year generally covers up to $50,000 worth of property. But most people won’t need that much coverage as renters.
A policy that covers $15,000 to $20,000 worth of property should be enough for most millennials. Such policies can sometimes be had for less than $200 a year, or as little as $10 to $15 a month. (The average renter’s insurance premium cost about $187 in 2017, according to the Insurance Information Institute.)
Renter’s insurance is quick and easy to buy, and millennials everywhere should make sure they always have it. To learn more about this type of coverage and how affordable it is, call us today.
Renters’ biggest fears:

  • Two of the biggest fears among respondents were theft and fires.
  • About 40% said their biggest fear was fire damage.
  • About 30% said their biggest fear was theft.
  • Believe it or not, almost 5% said that their biggest fear was a zombie apocalypse!
  • Nearly 25% of the renters surveyed said they would rescue their laptops first ahead of mobile phones, hidden cash and heirlooms.
  • About 40% of respondents said they did not know stolen property was covered in a renter’s insurance policy.
  • About 30% said they did not believe party mishaps would be covered, and they were surprised to find that many types of damage to personal
  • property or the structure that are typical at parties were actually covered.

For a free, no obligation quote on renter’s insurance or other insurance products, please call ROX Insurance at 800-690-7660 or email info@roxinsurance.com.

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Prescott Living Magazine
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Prescott Living Magazine

INDOOR FOOTBALL LEAGUE - Watch the NAZ Wranglers take on the Arizona Rattlers TONIGHT (Sat. 6/3) at Findlay Toyota Center. Tickets: www.ticketmaster.com/naz-wranglers-vs-arizona-rattlers-prescott-valley-arizona-06-03-2023/event/1...
For more local events pick up the June issue of Prescott NOW magazine, available in Rox Media magazine racks at Safeway, Fry's, and Sprouts stores ... and at many other locations throughout the Greater Prescott area.
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Here's a message from the Prescott Valley Chamber of Commerce about the new Glassford Hill Rd. project.Hi Everyone,
As we enter into June we are also getting started on one of Prescott Valley's biggest road improvement projects, The Glassford Hill Enhancement Project.
Any of us that drive Glassford Hill on a regular, even daily basis know how difficult it can be. This is now being corrected. However, it is not an overnight process and will cause traffic challenges during the project.
We have attached an outline for the project and what to expect. We will provide updates as the project progresses.
Please be patient, we will all appreciate this work when it is completed.
Marnie
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