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Students heading off to university will be taking an array of goods and gadgets with them – some of which could be highly valuable. So it’s important to have suitable cover in place, and make sure you’re are not putting these possessions unnecessarily at risk.
Data from comparison website Go.Compare indicates that searches by students for contents insurance policies peak in September.
Ceri McMillan, a home insurance spokesperson at Go.Compare, says: “Insurance might be the last thing on many students’ minds, but with the average uni student owning expensive tech like laptops and smartphones – not to mention other valuables – locking down a good insurance policy could be an important safety net.”
When looking for cover, firstly, it’s worth students checking whether they are covered on their parents’ policy.
However, recent research for Go.Compare home insurance, which analysed 298 home contents insurance policies, found that just over (26%) don’t provide cover for student belongings as standard.
This makes it important not to assume you’ll be automatically covered.
Some policies allow people to buy student cover as an “extra”, but others may rule it out completely. There may also be certain terms and conditions to bear in mind.
For example, an Aviva Direct Home policy enables students who are undertaking full-time education and living away from home to have £12,000-worth of their belongings covered at their term-time accommodation under their parent or guardian’s home contents insurance policy – but this is provided that they return to the family home during the holidays.
It’s also worth checking the insurance limits for high-value items, and whether some items need to be listed separately.
For example, with bikes often being expensive – and a target for thieves – students may want to consider additional cover for these.
The cost of contents cover could also vary significantly, depending whether you’re living in a halls of residence or a shared house, for example.
If you’re living in halls, Go.Compare suggests checking whether the university offers student content cover for your room.
There may be ways to make insurance costs more manageable, for example by paying monthly instead of annually or increasing the excess (the amount you’d contribute if you made a claim). But remember that, if you’re able to stump up the cash, paying annually could be significantly cheaper overall than paying monthly.
Also, make sure you could actually afford to pay the excess, if you needed to claim.
And finally, prevention is better than cure, so keep valuables out of sight, including when you’re in accommodation, visiting the library or out socialising.
Opportunistic thieves may target places where lots of people are coming and going, so make sure doors are locked and windows are closed if you’re popping out.
Shop around to compare insurance deals – and remember the cheapest policy isn’t always the most suitable.
Go.Compare also suggests doing your research so you know how exactly how much your items would cost to replace. Simply guessing could mean you over or underestimate how much cover is needed.
Insurers may also stipulate how long properties can be unoccupied for – so check the small print. And making sure you have insurer-approved locks fitted could help reduce premiums.
