Author: Alan Goforth
Original article here.
Although more than one-third of Gen Z adults pay for a cellphone protection plan, only 21% have a renters insurance policy. This discrepancy points to a need for better education about risk and why having the right insurance coverage matters.
"There's a gap in insurance knowledge among Gen Z adults," said Andrew M. Mais, president of the association and Connecticut insurance commissioner. "This is a critical time in their lives as they are laying the groundwork for their financial futures, and as an insurance regulator, I know how confusing navigating the world of insurance can be. The good news is you don't have to figure these things out by yourself. There are independent resources to help consumers of all ages and stages of their lives get answers to insurance questions and ensure there are no gaps in their coverage."
In a recent survey by the association:
Not all of the findings are negative, however.
"For example, 61% of Gen Z adults surveyed already pay for their own health insurance, while 49% carry automobile coverage," Mais said. "There are several areas where we have a solid base to build on as we mind the gap, or help close protection gaps and ensure more people have the coverage they need."
State insurance departments are good sources of objective information, he said.
These departments advocate on behalf of consumers across all coverage types and can address consumer questions or concerns about obtaining coverage, filing claims, appealing denied claims, fraud or resolving issues with an agent, broker or provider.