ALL Allstate Corporation

Many Wisconsin young adults - and the parents still supporting them - are putting belongings at risk when they can least afford to replace them BUFFALO GROVE, Ill., Sept. 2 /PRNewswire-FirstCall/ -- A new survey commissioned by Allstate Insurance reveals Wisconsin college-aged adults are acquiring things at a prodigious pace. However, protecting those things is of little concern - to themselves or the parents who support them. In the study, more than half of respondents (53 percent) reported belongings worth more than $10,000 and 88 percent reported they could only afford to replace, at best, some of their things. Despite this, more than half (56 percent) had no insurance protection and 60 percent said it wasn't likely they would purchase renters insurance anytime soon. In perhaps the best illustration of misplaced priorities, almost one third of respondents (27 percent) reported spending $150-200 on clothes during any given month, which is roughly what insurance costs for an entire year. "The data suggests to me that people aren't thinking past the purchase," said London Bradley, Wisconsin Territorial Sales Leader for Allstate Insurance Company. "It's a shame because renters insurance is one of the smartest investments people in this situation can make and so few take advantage of it." A Bureau of Justice Statistics survey of households shows renters are 50 percent more likely to be burglarized than homeowners. This is yet another sobering reminder of how precarious the situation is for so many Americans opting to go without renters coverage. The need for education is clear: about one out of four Wisconsin renters (24 percent) believed renters insurance to be as much as 15 times higher than the actual national average of $16 per month. Overall, 72 percent of respondents had misperceptions about the true cost of renters insurance. Additional Wisconsin Data: Percent of respondents indicating they have renters insurance by city: -- Madison - 46 percent of respondents had no insurance protection -- Milwaukee County - 43 percent of respondents had no insurance protection -- Green Bay/ Appleton - 41 percent of respondents had no insurance protection -- Milwaukee - Metro - 37 percent of respondents had no insurance protection -- La Crosse/Eau Claire - 37 percent of respondents had no insurance protection -- Wisconsin has more respondents (53 percent) with belongings worth more than $10,000 than the national average (48 percent). -- Seventy-six percent of Wisconsin renters have not documented their belongings. -- Eighty-six percent of Wisconsin renters could not afford to pay medical bills if a friend was hurt in their apartment or house. To underscore how education helps to address this current trend, eight out of 10 of those surveyed without renters insurance at the outset, expressed interest in buying insurance once they learned basic information about the coverage. About the Survey The national survey is comprised of 1078 weighted interviews and a 201 student oversample. Interviews were collected between July 25 and August 14, 2009 using internet and cell phone samples. Additional surveys were conducted online during this period with 400 renters from each of the following 9 states: Arizona; Georgia; Michigan; Missouri: New Jersey; Tennessee; Virginia; Washington and Wisconsin. Surveys with a sample size of 500 renters were conducted in California, Florida, New York, Pennsylvania and Texas. In addition, student oversamples were collected in California, Florida, New York, Pennsylvania, and Texas. All participants are young adults who rent their home or apartment and are between the ages of 18 and 30. All surveys were conducted by Squier Knapp Dunn and Beck Research for Allstate. About Allstate The Allstate Corporation (NYSE:ALL) is the nation's largest publicly held personal lines insurer. Widely known through the "You're In Good Hands With Allstate " slogan, Allstate is reinventing protection and retirement to help more than 17 million households insure what they have today and better prepare for tomorrow. Consumers access Allstate insurance products and services through Allstate agencies, independent agencies, and Allstate exclusive financial representatives in the U.S. and Canada, as well as via http://www.allstate.com/ and 1-800 Allstate . DATASOURCE: Allstate Corporation CONTACT: Eric Scott of Allstate, +1-847-667-8242 Web Site: http://www.allstate.com/

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