Is Generation Z, the generation born from 1997-2012, lacking when it comes to

their insurance knowledge and coverage?

A survey from the National Association of Insurance Commissioners found that 21%

of Gen Z adults have renters insurance, while 35% of them carry cellphone

protection plans.

Furthermore, the survey found that over half of the respondents feel

overwhelmed when it comes to engaging with insurance, and roughly a quarter had

difficulty identifying insurance terms like “deductible” and “copay.”

Other areas were more promising. Among Gen Z adults, 61% pay for

their health insurance, while 49% carry automobile coverage.

While it can be a bit easy to chide Gen Z for putting their phones ahead of their

insurance, this generation is facing a large degree of economic uncertainty and

instability. Phone protection plans are relatively inexpensive compared to other

financial burdens that Gen Z faces.

They are facing a housing and renters market that has spiked dramatically in

cost since the pandemic: wages also have stagnated. While past generations like

millennials and Gen X are also affected by present economic downturns, Gen Z is

disproportionately burdened by them.

Gen Z and these other generations are facing an uphill battle: in the day-to-day

struggle to survive, they may not have the time or means to sit down and have a

conversation about insurance.

However, alongside the release of the survey, a statement was issued by NAIC

president and Connecticut Insurance Commissioner Andrew N. Mais. He

emphasized the importance of using state and federal insurance resources for Gen

Z to at least get a foot in the door of the insurance marketplace.

Renters insurance, health insurance and auto coverage are vital protections to have

in adulthood; your insurance agent can play a crucial role in making sure that you

can protect the things that matter most.