NATIONAL HOME SECURITY MONTH
NEW STUDY REVEALS HOW MILLENNIALS
ARE PROTECTING THEIR PROPERTY
» » AS A DEMOGRAPHIC, THE
millennials generation is less likely to
own their home and, in many cases,
share their property with people they
don’t know, be it in rented or student
accommodation.
From analysing millennial habits
when it comes to taking out insurance
to the steps they take to protect their
home, MoneySuperMarket has looked
into how young people are keeping their
belongings safe in the modern age and
how these trends differ by location.
Millennials Taking Out Insurance
It seems that millennials are more likely
to take out insurance when they’re living
alone than in a shared property - 18% of
young homeowner that own a 1-bedroom
property have to take out content
insurance to protect their home.
However, less than 10% of those aged
20 - 30 years old (who are renting) are
buying content insurance. So, in the age
of modern technology, where millennials
are not taking out content insurance -
how are they protecting their homes?
The Most Popular Methods
Security Methods:
1. Light Timers/ Sensors: 29.17% of
people questioned are using light
timers/sensors to protect their homes
against burglaries.
2. Security Alarm: Ranking second
with 25%, a security alarm is still a
commonly used security feature for
millennials.
3. Double Locks: Physical security
measures are still commonly used
to protect the home - 25% of those
asked said they use this method.
4. Motion Sensors: With a wide variety
of motion sensor available at different
price points, it’s no surprise that
22.50% of millennials have adopted
this method in order to protect their
homes against burglaries.
5. Window/Door sensors: Triggering
the home security system sends an
alert to the homeowner smartphone,
21.67% of millennials have opted for
this particular security method.
50
6. CCTV: The options for home security
cameras are wide and varied which is
why 20.83% of young people are using
them.
7. A Dog: You can never go wrong with
man’s best friend, 17.50% of those
asked said that they used a dog to
protect their home.
8. A Smart Doorbell: Shockingly,
coming in last place, a smart doorbell
is used only by 15% of the millennials
surveyed.
The Relationship Between
Insurance and Burglary
Analysis of the burglary rate and
the uptake in content insurance by
millennials can give us an indication of
the policy/theft gap and whether people
are taking out the right amount of cover.
The greater the insurance vs theft gap, the
more people that may be at risk of a financial
loss in those locations as a result of lack of
protection in the event of a burglary.
Where is the risk of theft more
pronounced?
The UK’s Most Prepared
Cities Against Theft
1. Swansea: 68% of millennials in
Swansea have taken out content
insurance leaving Swansea with a
policy/burglary gap of -5.45. This
means a high number of policies
are being taken out by millennials
compared to the city low theft rate.
SEP/OCT 2019
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Issue Takeover
2. Newcastle Upon Tyne: 83% of
millennials in Newcastle Upon Tyne
have taken out content insurance
which is the highest amount amongst
all the UK cities.
3. Portsmouth: The burglary rate in
Portsmouth is 11.8 and as 70% of
young people are buying content
insurance, their policy/burglary rate
is -5.04.
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The UK’s Least Prepared
Cities Against Theft
1. Bradford: Presenting the highest
policy/theft gap of 8.06 (which means
a low number of policies have been
taken out compared to the high theft
rate), only 6% of millennials have
taken out content insurance which
is lowest amount amongst all the UK
cities.
2. Coventry: 15% of young people have
brought content insurance but due to
the city high burglary rate, Coventry
has a policy/burglary rate of 7.51.
3. Leeds: 26% of millennials in Leeds
have taken out content insurance.
The average claim value is £1,800
- however, the highest claims for
content insurance occur in Colchester
(burglars take £2,004.74 worth of
belongings on average, higher than
anywhere else in the UK).
For more information on where
millennials are best at protecting their
belongings, and how they measure up
against other age groups, review the full
study on MoneySuperMarket.
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