Millennials and renters insurance

Things are defiantly changing in todays homeownership.  Though the market is at an all time high for buying, studies show that more and more millennials are holding off on buying there first home and renting more.  We could try and pin point why but it can come down to serval different reasons;  student debt, location, or still living at home.   So many have gone down the path to renting.

So while renting in many cases can be a smart move for millennials, one thing that isn’t so smart would be skipping out on renter insurance.  This mistake could come back and bite you when you think you really are fine without it.

Studies have shown that an estimated 56% of young-adult renters don’t have insurance to protect themselves from property loss.  And while the desire to save money on premiums might play a role in that decision, 40% of millennials who rent say they don’t feel they need insurance.

The Facts

Most people don’t have the financial means (dipping into your own personal bank account) to replace all there items in there homes if something happened.  But sometimes they also live in a world where they think it won’t happen to me.  Isn’t that what insurance is for?  You hope that it will never happen but if something does its there to help you!

No matter what you have heard, your items inside your apartment will not be covered if something happens under your landlords homeowners policy.  Thats why we offer your own personalized renters policy.

So what does this mean?  Lets say a fire breaks out in your home.  The structure is completely damaged and the inside has suffered extreme water damage. You are not liable for any damage to the walls and structure of the home.  But  your renters policy will cover your items that have damage from the water.

What happens if there is a break in?  Something that you have in your apartment why great value has been stolen?   With these special items you can purchase an endorsement, or extra coverage, for your computer, as well as other items such as jewelry, silverware, firearms, business personal property and almost anything you want to insure.

The Price

Renters insurance is extremely affordable.  The prices can start at about $15 a month! That is less that two coffees at one of the fancy coffee shops on your way into work! Of course, your coverage will vary depending on the specific policy you decide on and its premium, but the point is that without insurance, you essentially risk losing everything you own when the unexpected happens.  And frankly, that’s not a risk you should be willing to take.  But the best thing you can do is call your agent and get a quote.


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Are you ready to save time, aggravation, and money? The team at Farquhar & Black Insurance is here and ready to make the process as painless as possible. We look forward to meeting you!

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