Millennial renters are least likely to have insurance

​​​​​​​​AUSTIN – A new survey released by insuranceQuotes finds that millennials are most likely to rent homes, but very few are covered by renter’s insurance. 

​And while coverage is not expensive, not having it could cause a huge financial hardship.

The majority, 66 percent, of 18- to 29-year-olds rent their homes, compared to just 37 percent of consumers overall. 

However, less than one-third of millennial renters have renter’s insurance, according to the survey by insuranceQuotes, in partnership with Princeton Survey Research Associates International.

“A big takeaway from the survey is that many consumers underestimate the benefits of renter’s insurance and overestimate its cost. 

"The average annual premium is $188; however, 25 percent of 18- to 29-year-old respondents believe they’d have to pay $1,000 or more. 

"We need to educate a new generation of renters who don’t fully understand its benefits because it’s an affordable financial safety net that every renter should have,” says Laura Adams, senior insurance analyst for insuranceQuotes.​