Insurance 101: Why Millennials Are Underinsured (And How to Fix It)

Let’s talk about insurance. No, don’t scroll away—stay with me.

I get it. Insurance sounds about as exciting as watching paint dry. But here’s the thing: not having it (or not having enough of it) can cost you thousands—maybe even more.

And here’s the kicker: Most millennials are wildly underinsured and don’t even realize it.

Only 45% of millennials have renters or homeowners insurance, puting them at greater risks for loss.

The Hard Truth: Why Millennials Are at Risk

Millennials are the largest adult generation today, yet studies show that only 45% have renters or homeowners insurance. And when it comes to insuring personal belongings—think luxury handbags, sneakers, jewelry, and tech gadgets—the numbers are even worse.

Why?

1. We assume our landlord’s/homeowners insurance covers everything. Spoiler: It doesn’t.

2. We don’t know what we own or what it’s worth. If you can’t list the value of your belongings, how can you insure them properly?

3. We think insurance is expensive or complicated. But losing uninsured valuables? That’s really expensive.

4. We don't realize how fast life happens. Fire, flood, break-ins, lost luggage—life doesn’t wait for you to get your paperwork in order.

What’s at Stake?

That designer handbag collection you’ve built over the years? Gone in a house fire.Your watch collection that appreciates in value? Stolen in a break-in.That camera gear or laptop you use for work? Left behind in an Uber.

And without documentation, insurance won’t fully cover your losses. Most standard policies only cover a fraction of your belongings, and if you don’t have proof of ownership or value, you could be left with nothing.

Enter INVY: The Game-Changer for Insurance & Asset Protection

Insurance isn’t just about policies—it’s about proof. And that’s where INVY comes in.

✅ Itemized inventory – No more scrambling to remember what you own. INVY tracks everything.✅ Real-time valuations – Get up-to-date pricing on your valuables so you can ensure proper coverage.✅ Effortless claim support – When disaster strikes, you’re prepared with documented proof of value and ownership.✅ Seamless insurance integration – Easily share your inventory with insurers for better coverage and faster claims.

Why This Matters More Than Ever

🌎 Natural disasters are increasing – Fires, hurricanes, and floods are on the rise, and most people don’t have enough coverage.🚀 Luxury goods are appreciating assets – Bags, watches, and sneakers are no longer just accessories; they’re investments.🔐 Theft rates are rising – With high-value items being stolen more frequently, proper documentation is critical.

The Fix: How to Get Properly Insured Today

1. Take inventory of what you own. (INVY does this for you!)

2. Check your current insurance policy. What’s covered? What’s not?

3. Get appraisals for high-value items. Most insurers require proof of value for luxury goods.

4. Store receipts, serial numbers, and photos. (INVY keeps all of this in one place.)

5. Upgrade your coverage if needed. A standard policy may not be enough.

The Bottom Line

You wouldn’t leave your bank account unprotected—so why leave your physical assets at risk?

Millennials are making smarter purchases—investing in quality over quantity, curating high-value wardrobes, and embracing resale markets. But if you’re not protecting your assets properly, you’re leaving yourself vulnerable.

It’s time to get serious about your financial security. Download INVY today and take control of what’s yours.