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More People Renting, But Not Buying Insurance

More consumers are renting homes now, according to a report published by the Joint Center for Housing Studies of Harvard University...
September 10, 2015

More consumers are renting homes now, according to a report published by the Joint Center for Housing Studies of Harvard University. According to the Insurance Information Institute (I.I.I.), 95 percent of homeowners had insurance in 2014. By contrast, only 37 percent of renters said they bought insurance. "A lot of times, people say they don't need coverage because they think they are covered by a landlord's policy," said Jovana Evans, director of property product research at Boston-based Liberty Mutual Insurance. "But that's not the case."

What It Means to Agents: In the past, most insurers did not want to insure renters; only a handful of carriers did. With the move among Millennials toward renting as a lifestyle choice, insurers are going to have to offer renters and contents coverage, or face losing business.

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