The Locksmith Journal Sep/Oct 2019 - Issue 64 | Page 50

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 locksmithjournal.co.uk 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. C M Y CM 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. MY CY CMY K