Liberty Mutual took a hard look at millennials and how they approach insurance. The conclusion is that millennials — more than the other generations — work hard to protect their technology and their pets but overlook basic insurance needs.
The insurer found they are the largest generation of renters ever. A whopping 43% rent but just 42% have renters insurance. In fact, over a quarter of the millennials surveyed said they are looking for ways to cut the cost of their auto, home and renters insurance.
Liberty Mutual’s Emily Fink believes that’s because of a lack of insurance knowledge and that lack of knowledge is — as you know — exposing them to potential loss or damages.
• 33% say it never occurred to them to get renters insurance
• 31% think getting insurance is too complicated
“The unexpected is inevitable, and it’s important for all generations to understand the importance and value of having good insurance coverage customized to individual needs,” she said.
Here’s what Fink — and Liberty Mutual — find ironic.
• 29% say they have special insurance to cover their technology
• Of those having that special insurance, 51% don’t have renters insurance
Fink’s conclusion? Smart phones and computers are considered more important than other belongings. There’s more.
• Many millennials say they’re trying to save money
• However, the value of their personal property is quite high
• Take jewelry for example — it averages more than $2,000 in value
• Yet only 22% of millennials think it is “extremely” important to have insurance to cover that $2,000
• Just 20% have opted to insure those valuable items
on the other hand — are very important. Millennials are the mostly likely generation to purchase or adopt a dog or cat. The survey says a high percentage will — if they don’t have one now — buy or adopt a pet in the next year. All are willing to make financial tradeoffs to take care of a pet’s wellbeing. That’s the highest of any generation — ever.
• 57% own a pet now
• 31% of millennials have pet insurance
• Just 8% of baby boomers have pet insurance
• Just 15% of Generation X have pet insurance
When it comes to their health compared to their pet’s?
• 37% are likely to skip their own medical treatments to cover their pet’s needs
• 28% of generation X will do that
• Just 21% of baby boomers will do the same
Source link: Media Post