Hit Events with Geometry

I am having a problem where I want an object to interact with geometry with a hit event and I can’t get the Hit event to fire. I found out that I need both Objects to have Simulation Generates Hit Events set to true. Can I do this with geometry or do I have to convert it to static meshes? This interaction is supposed to be with every wall of my Level, so does converting to static meshes mean that I am going to experience any negative effects (like performance drops, rendering issues, harder shaping, ect.)