Although data from the U.S. Census Bureau shows that citizens aged 24 to 34 are renting more than ever before (increasing by more than a million from 2006 to 2011), most millennials do not have renters' insurance.
A survey by Nationwide Insurance revealed that despite renting in unprecedented numbers, 56% of millennials do not have renters' insurance, and 75% are unaware that they can get monthly coverage at a relatively low cost.
"It's clear that there's a misconception among millennials about the importance of renters' insurance and how much it really costs," says Matt Jauchius, Nationwide's chief marketing officer. "For the $20 renters spend on items such as coffee and streaming video, they can get excellent coverage to help protect their belongings. Considering renters share many of the same risks as homeowners, it's not only important, it's a no-brainer."
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