- A full 72 percent of millennials (defined as those aged 24 to 41) say owning a home is a top priority, according to Bank of America’s 2018 Homebuyer Insights Report.
- Millennials as a whole continued to form the largest group of homebuyers of any generation at 37 percent of all buyers.
- More millennials are pursuing homeownership now than ever before. The ownership rate among those under the age of 35 climbed from 35.6 percent in the third quarter of 2017 to 36.8 percent in the third quarter 2018, according to the bureau’s report.
- Millennials enjoy the convenience of researching online, but when it comes to buying insurance, they want the confidence of talking with an agent.
Buying a home isn’t just about being sensible for Millennials— it’s a fundamental value. Understanding homeowners insurance and how to protect their home is a critical step in homeownership. Most home buyers don’t really understand what their policy covers.
- Insurance isn’t a warranty
- Your stuff is worth less than you think
- “Full coverage” isn’t really a thing, Replacement Cost and Endorsements are
- Filing a bunch of small claims can jack up your rates
Let Covered Insurance help your clients better understand homeowners insurance with this helpful blog: All Millennials Should Understand these 4 Simple Truths about Insurance. Pass it along.
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