Research emphasises that young people are thrice as likely as other people to fall victim to burglary, with a third of university students being victims of crime every year. Hence, it is crucial that students obtain student sharer insurance for their possessions.
Students who share accommodation usually wrongly assume that their landlord has insured their contents or that they are insured on their parents’ home insurance.
Particular insurance companies do add students to their parents’ contents policy. However, this is not automatic and there may be restrictions. It is often cheaper for students to purchase their own insurance.
Should you be in sharing accommodation it is vital you take out student sharer insurance.
We can assume that we do not own valuable possessions. However, most students have laptops, mobile phones and iPods, with an average worth of £4,000. Hence, it is vital to insure your possessions.
What is covered by Student Sharer Insurance?
Student sharer insurance should provide cover your belongings against loss or damage due to fire, theft, vandalism, flood, storm and burst pipes. Certain policies enable you to choose the items you wish to insure. It is vital that you insure valuable items like computer equipment.
What Does Student Sharer Insurance not Cover?
Lots of students own a bike or a musical instrument, or both which can be quite costly. It is vital to check the small print as certain policies do not provide cover for bikes and musical instruments.
Moreover, ‘walk-in theft’ is a standard exclusion; this refers to theft that happens without any evidence of forced entry. Therefore, if you are in halls of residence, you may wish to arrange cover for walk-in theft given that it can be quite easy for thieves to get into your premises without using force.
Do I need to add anything to my policy?
The majority of insurance companies are willing to extend the student sharer insurance policy to cover accidental damage. It can cost slightly more. However, this is an essential addition to student halls insurance; for example, you host a party in your room and someone else or you damage something, you will be covered.
It is also a good idea to get insurance for your possessions when they are not in your rented accommodation. New research highlights that students carry have £1300 worth of belongings on them when on campus.