A Gen-Zer’s Guide to Insurance.
Most 18-25 years olds probably don’t get together and talk about their insurance needs – but while the auto rates and umbrella policies may not yet be top-of-mind for my generation, there are some basics my contemporaries should consider to ensure they have insurance coverage to protect their assets and match their lifestyle.
My generation – those born in the late 1990s and early 2010s – can sometime have a bad reputation, with some faulting us as “entitled,” or, even worse, “lazy.” I believe we are neither of those things. We work hard but strive for a work/life balance. We are passionate and social responsibility is important to us. And because we grew up in parallel to the popularity of social media, we value connectivity, responsiveness, and data, so we are apt to use insurance apps, we prefer to pay with Venmo or Apple Pay, and we appreciate (and expect) an insurance provider who helps identify the coverage we need and lock in the best rate.
I feel fortunate to have launched my career as a marketing specialist for a family-owned insurance company that, as its name conveys, puts the consumer first. I’ve learned lots in my first two years with Consumers First, and here are a few things I’d urge my peers to consider about their insurance needs:
1. Consider your living arrangement. If you live with your parents, you obviously don’t need home or renter’s insurance on your own – but when you move out, don’t let the excitement of that first apartment distract you from protecting your new dwelling. When you make the big move, be sure to speak with a licensed insurance agent to help assess the potential cost of covering the unknown. (Think earthquake or flood damage, theft, vandalism and more.)
2. Don’t forget to protect your belongings. Gen Zers may be known for valuing experiences over material items, but we have likely accrued some prize possessions. Maybe you’re a gamer, a musician, or a photographer or maybe you just appreciate high-end electronics, jewelry, or collectibles. An insurance agent can help you appraise the value of your goods and protect them accordingly. Take pictures and videos of your rooms and your special possessions (and keep the files of this inventory in a safe place) to offer proof and help you get compensated for their fair value in the event of a loss. (This extra step now will save you from trying to locate receipts in the event you need to file a personal property claim later on.)
3. Shop your car insurance. Gen Zers aren’t the only ones who might not think to compare auto rates before renewing their annual policy. No matter their age or life stage, many consumers renew their auto insurance each year without first “shopping” it. By shopping (comparing) your auto rate to other insurance providers, you can be confident you are getting the very best rate available in your state. And savings is great at any age, especially if you’re just embarking on your career. (Best of all, you don’t have to spend your time shopping – websites like AutoRate.com are free, secure, and do the shopping for you.)
4. Ask the Right Questions. The world of insurance can be confusing to seasoned professionals and young adults alike. Make sure to work with a licensed insurance agent and confirm they have a professional liability policy. By working with a licensed agent, you can be confident your insurance representative is a designated professional; by confirming their professional liability policy, you know you’ll have some protection in the event they offer bad advice.
5. Consider pet insurance. Pet-loving Gen Zers may want to take a look at pet insurance, which can help offset the costs of emergency procedures for their dogs and cats.
Insurance needs evolve with every milestone and life stage. By adopting good habits early, Gen Zers like me not only protect our homes, cars, pets and possessions, we also set the stage for a lifetime of protection. And that makes adulting a little easier.
By Megan Dexter