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."