By Gayle O'Connell, senior vice president, marketing & communications, Arbella Insurance Group
Every year, more millennials become first-time renters after graduating from college or moving out on their own. Unfortunately, the vast majority of them also join the ranks of the nearly 70 percent of U.S. renters that don't have renter's insurance.
Young people often don't know that they're not covered, and don't understand that they could lose everything they own in the case of a fire or burglary. What's more, a shocking 52 percent of renters surveyed by InsuranceQuotes.com said they thought they couldn't afford renter's insurance, with more than a fifth estimating that it would cost them more than $1,000 a year.
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