A new survey released by insuranceQuotes finds that millennials are most likely to rent their homes, but very few are covered by renters insurance. Sixty-six percent of 18- to 29-year-olds rent their homes, compared with just 37 percent of consumers overall. However, less than one-third of millennial renters have renters insurance, according to the survey. A majority (61 percent) said they believe it’s unnecessary because their property is secure or they don’t own enough personal belongings to insure (43 percent). Misperceptions about cost are also a barrier. The average annual premium is $188; however, 25 percent of 18- to 29-year-old respondents believe they’d have to pay $1,000 or more. “A big takeaway from the survey is that many consumers underestimate the benefits of renters insurance and overestimate its cost,” said Laura Adams, senior insurance analyst for insuranceQuotes.