More than three in five (86%) of U.S. renters don't have renters insurance---including 72% of millennials, according to a recent study from Progressive. The study found that these four common myths might be preventing renters from purchasing the coverage they need:
"Nothing will ever happen to me" 17%
"I live in a safe building, I don't need to lock my door" 13%
"Renters insurance is too expensive" 25%
"I'm covered by my roommate's insurance" 22%
In reality, theft is the most common renters insurance claim, according to American Strategic Insurance, and renters insurance can cost less than $20 per month. Furthermore, unless items are considered "shared goods," roommates need separate renters policies.
16
NUMBER OF TIMES THE AVERAGE RENTER LEFT THEIR APARTMENT DOOR UNLOCKED IN THE PAST YEAR
Source: Progressive Renters Survey
