In preparing to go to University, insurance may not be a key priority. However, research highlights that young people are three times more likely to be victims of burglary and that a third university students are victims of crime every year. The figures show the importance of student contents insurance with regard to your possessions.
Students in rented accommodation often presume that their contents are insured by their landlord, or even on their parents’ home insurance.
Specific insurance companies add students to their parents’ contents policy. However, this is not automatic and there may be restrictions. It may be cheaper for students to obtain their own insurance. If you are in a situation where you are sharing accommodation with other students, each one of you ought to take out your own individual contents policy.
Many of us do not consider that we have valuable possessions. However, most students have laptops, mobile phones or iPods. Recent research illustrates that the average student has £4,000 worth of possessions, which of course they are worthwhile insuring.
What is covered by Student Contents Insurance?
Student contents insurance ought to cover your belongings against loss or damage due to fire, theft, vandalism, flood, storm and burst pipes. Certain policies permit you to choose the items you wish to insure. It is vital to insure valuables like computer equipment.
The majority of policies set limits regarding claims so make sure that you are covered adequately.
What Does Students Contents Insurance Cover?
Lots of students own a bike or musical instrument, or both and they can be worth a great deal of money. You need to check the small print as certain policies do not provide cover for bikes and instruments.
Moreover, ensure that your home contents insurance policy covers your belongings during the holidays, as this cover could be limited to term time.
‘Walk-in theft’ is also a standard exclusion. This is when there is no evidence of forced entry. Therefore, should you share accommodation or halls of residence, you may want to arrange cover for walk-in theft as it can be simple for thieves to access the premises without force.
What do I need to add to my policy?
The majority of insurance companies will extend the policy to cover accidental damage. It can cost slightly more. However, this is usually a useful addition to student contents insurance. Should you have a party in your room, something can easily get damaged.
You may wish to consider insurance for your possessions when they are not in your home. New research highlights that students carry belongings worth £1300 when on campus.
How can I save money on student contents insurance?
Security measures can reduce your premiums. Therefore, find out whether or not your landlord has installed burglar and fire alarm systems and make sure that every door and window has been properly locked prior to leaving the house.
Should you take good care of your possessions and not make any claims, you are able to build up a no claims discount, which can reduce your premiums somewhat.
The majority of policies include a compulsory excess, which is the amount you have to pay towards a claim. Should you opt to increase the excess, you normally pay a lower premium. Ensure that you can easily afford to pay the excess should you have to claim on your policy.
Normally it is more costly to pay your insurance premium in monthly installments. However, most insurers do not charge students extra to pay monthly, given that annual premium is more than a specific amount.