Majority of Young Renters Not Protected From Loss: Nationwide

A new survey commissioned by Nationwide revealed that despite the fact that millennials are renting in unprecedented numbers, the majority of young adult renters (56 percent) do not have renters insurance, leaving their homes and belongings at risk.

Additionally, 75 percent of those without renters insurance don’t realize they can get monthly coverage for as little as the cost of a pair of movie tickets.

Nationwide’s online survey uncovered other interesting perceptions about renters insurance:

• More than 40 percent of respondents without renters insurance don’t think it is needed at all.
• 68 percent of all young adult renters said it would cost most more than an estimated $5,000 to replace their belongings should an unfortunate event occur.
• The two biggest fears among renters are fire (41 percent) and theft (31 percent), while 3 percent fear a zombie apocalypse.
• 24 percent of renters surveyed said they would save their laptop computer before anything else, including heirlooms, mobile phones and hidden cash.
• 40 percent of the respondents don’t know that renters insurance may cover their stolen property.

The survey was conducted online nationally by Harris Interactive between February and March and included more than 1,000 renters aged 23-35.

“It’s clear that there’s a misconception among millennials about the importance of renters insurance and how much it really costs,” said Matt Jauchius, Nationwide’s chief marketing officer. “For the $20 renters spend on items such as coffee and streaming video, they can get excellent coverage to help protect their belongings. Considering renters share many of the same risks as homeowners, it’s not only important; it’s a no-brainer.”

To raise awareness of the value and security that renters insurance provides, Nationwide launched a new advertisement called Reveal that further targets the millennial audience—the largest demographic today at 86 million. The new spot features award-winning country artist Jana Kramer reprising her role from Nationwide’s 2013 Brand New Belongings advertisement, this time replacing fire-damaged items in an apartment setting.

The television advertisement is the latest installment of the company’s integrated Join the Nation national marketing campaign, which highlights Nationwide’s On Your Side promise to provide member-focused, attentive and personalized service.

Source: Nationwide Mutual Insurance Co.