PersonalJuly 27, 2018

Student Contents Insurance: Examined

It’s an emotional day as you wave them off for their first term at university, well-stocked with all the saucepans, books and gadgets they could ever need. But whether they’re sharing in private rented accommodation or piling into student halls, it might be worth considering whether student housing may not be the safest place for all those valuables.

In a study of the UK’s student body, specialist provider Endsleigh discovered the average value of a modern student’s possessions is a staggering £3,658 worth of tech – from tablets and TVs to smartphones and laptops. It’s estimated that a third of university students become a victim of crime, most commonly theft or burglary, with about 20% of student robberies occurring in the first six weeks of the academic year whilst students are likely to be distracted exploring their new surroundings. Should theft, loss, or damage occur, they may be glad to have taken out home contents insurance.

Clothes, books, that cherished guitar… a student’s possessions may still be covered by their parents’ policy. However, piggybacking on your home cover may not leave them fully insured, as your terms may not cover their possessions whilst outside the home – for instance whilst walking around town or in university buildings – or may include certain conditions such as the student still living at home during the holidays. Not to mention any incidents that they do claim for will impact on that precious no claims discount you may have spent years building up.

If you’re after more comprehensive package, student-specific policies could cover against loss or damage including theft, fire, vandalism and burst pipes in relevant student accommodation from halls to private houses, and sometimes even lets you select specific items you want to insure – great for valuables such as bikes, musical instruments and specialist equipment which may not be covered under a parental policy.

As always, make sure you read the small print to avoid invalidating your cover. Student-specific policies may include caveats such as keeping the bedroom door locked, only paying out if there is evidence of forced entry, or may state that goods are only covered for theft in the case of a break-in, rather than if something goes missing during a party at the student’s house.

To find the right insurance, and peace of mind, for your family, see what The Insurance Centre could offer you by getting in contact today.