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Pets, tech take priority over renters insurance: Study

Posted On: Oct. 30, 2018 9:13 AM CST

Pets, tech take priority over renters insurance: Study

A third of millennial pet owners carry policies for their pooches. The same percentage, insurance for their tech toys.

But renters insurance for the largest generation of renters? Meh.

A new study conducted by Liberty Mutual Insurance Co. revealed that 43% of millennials are renters and less than half — 42% — of those millennials have renters insurance.

The study, released Oct. 25, also found that while millennials are choosing specific protection for their personal technology and their pets more than other generations, approximately a quarter of  millennials are looking for ways to cut back on their auto, home and renters insurance.

The study asks: Why the lack of protection in certain areas?

Thirty-three percent of millennials said it never occurred to them to get renters insurance, and 31% admitted the process is too complicated, according to the study.