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Risk-pooling offers millennials affordable renters insurance options

Appealing to their sense of community is an important part of reaching this market.

By Jon McNeill | Updated on May 20, 2015
Even though they own high-value items, 60% of millennials don't carry renters insurance. Photo: Cutcaster.

The renter’s insurance market is hot right now, and its major market is millennials. There are approximately 80 million millennials between the ages of 18 and 29 in the United States, and more than half of them are renters. They can’t afford to buy houses and they have a ton of student loan debt. If they don’t want to live at home with their parents, renting is the only option for housing that’s open to them.

Further, an increasing number of landlords are requiring their tenants to buy renter’s insurance. In 2009, only 25% of landlords required tenants to carry this insurance. In contrast, a 2012 survey of large apartment complexes in Washington, D.C. showed that 84% required tenants to carry coverage. While only a third of renters currently carry renter’s insurance, this will increase as more landlords require it.

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