As we have seen in recent years, even around our own city, a particular age group prefers renting their homes as opposed to owning their homes. Have you guessed it? Millennials. Not only are millennials the largest age group to choose rent, they are also flocking to Denver by the thousands. According to a new survey from Princeton Survey Research Associates International for InsuranceQuotes.com, 66% of people ages 18 to 29 rent their homes. That’s compared to only 37% of the overall population.
As Denver Business Journal recently shared, Millennials are flocking to Denver because of how “healthy” the city is. That is, it is economically stable with job opportunities on the rise. So, that’s a lot of people doing a lot of renting. Good thing there’s renter’s insurance. Wait. What’s that?! “Nearly 70% of those Millennials DON’T have renter’s insurance?” That’s not a comforting statistic from Princeton Survey Research Associates International for InsuranceQuotes.com.
Many landlords have started to require tenants to obtain renters insurance in order for them to live on their property. However, there are still many tenants who do not have the coverage because their landlords do not require it. Here at The Insurance Place, we strongly encourage landlords to require renters insurance in their lease agreements and also strongly encourage tenants to obtain the coverage whether it is required or not. If you don’t believe us, here are four reasons why renters insurance is well worth the money:
1. Liability Coverage – Renters insurance protects you from unintentional damage you do to your home, injury caused to a visitor on your property, and might even cover damages caused accidentally by you or your family members to a neighbor’s home. For example, if your son throws a baseball through your neighbor’s window, the cost to repair the window may be covered by your renters insurance.
2. Personal Property Coverage – The belongings inside of your rental property are not insured in any way, shape, or form by your landlord. Therefore, it is your responsibility to protect your belongings from theft, damage, and loss. Whether you were visited by an unwanted and greedy person, were affected by a water pipe break, or lost your great-grandmother’s ring, renters insurance can have you covered. In some cases, renters insurance can even protect you when your belongings are outside your home, such as if your laptop is stolen while on vacation.
3. Additional Living Expenses – One of the most overlooked benefits of renters insurance is that it covers your living expenses if you cannot live in your home due to a fire or whatever other disaster may render your home unlivable. These living expenses can include hotel bills, restaurant bills, or any other expenses that would not be incurred if you were still living at home.
4. Low Cost – After reading all of these benefits, how much do you think renters insurance would cost? Forty, maybe fifty dollars per month? Turns out, on average renters insurance only costs tenants about fifteen dollars per month. Could be one of the best investments you ever make.
So, if you are a newbie to Colorado or happen to know one, we hope this information will put things in perspective for you.