Times are changing and with it the composition of our population. Today’s children are tomorrow’s adults. And, as it seems, yesterday’s children don’t think about housing the way their parents did at their age. At one time, owning a home was a standard feature of the American Dream, but we millennials are increasingly choosing an urban lifestyle over a suburban one, preferring an active night life, culture, glamour, and better job opportunities. In other words, millennials are trying to preserve the college experience.

One consequence of this shift in attitude is that we are far more likely than our parents to rent an apartment or purchase a condo than purchase a new home. According to one online survey of young adults, 60 percent chose to rent as opposed to owning their own home. And it turns out that another six out of ten of those young adult renters do not carry a renter’s insurance policy.

I myself am a renter and DO carry a renter’s insurance policy. It wasn’t a hard decision once I read about the coverages provided by such policies, which seemed both affordable and relevant. Obviously every situation is different, but here are the five things that sealed the renter’s insurance deal for this particular millennial:

1. Renters policies cover property not only at home, but also away from home. For the globetrotting children of the late 80s and 90s this will come in handy.
2. Renters policies cover damage to electronics and we millennials love our electronics.
3. Renters policies cover stolen property, which may be of greater concern to city-dwelling youngsters, but it’s still important to anyone who rents!
4. Renters policies can cover losses incurred by identity theft and help repair the damage. With identity theft making headlines, it’s much easier for a young person like myself to imagine the possibility of my identity being stolen rather than my rental unit burning down.
5. Renters policies can cover equipment breakdown. Not many people can relate to some of the more dramatic loss causes listed on renter’s insurance policies, but I think everyone can relate to their big screen TV suddenly not working due to a mechanical failure.

If you’ve read my reasons for purchasing renter’s insurance but still aren’t convinced, ask yourself this one simple question, “How much would it cost to replace EVERYTHING I own?” Compare that to an affordable (seriously, affordable!) renter’s policy and see how you feel about renter’s insurance then. Not sure what to do next? Contact your local independent agent to talk about how you can get a renter’s policy.