If you're a millennial and you rent, then you need to know about the power of renters insuranceA new survey released by insuranceQuotes finds that millennials are most likely to rent homes, but very few are covered by renters insurance. And while coverage is not expensive, not having it could cause a huge financial hardship – and that’s no joke!

“A big takeaway from the survey is that many consumers underestimate the benefits of renters insurance and overestimate its cost. The average annual premium is $188; however, 25 percent of 18- to 29-year-old respondents believe they’d have to pay $1,000 or more. We need to educate a new generation of renters who don’t fully understand its benefits because it’s an affordable financial safety net that every renter should have,” says Laura Adams, senior insurance analyst for insuranceQuotes.

On today’s podcast I’ll chat with says Laura about:

  • Why you need renter’s insurance
  • How to find the best policy
  • How much you should spend
  • What the heck it covers

Want more info? Follow me on Twitter @shannahgame and Instagram @millennial_money.

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