Why do students need insurance?
Students are high risk targets while they are at university. Home Office research
has shown that one in three students become a victim of crime each year. Unsurprisingly
student houses are prime targets for burglary. Not only are they often located
in cheaper, poorer areas of town and are left unoccupied for long periods of
the day (and night!), they also host a wide range of the latest gadgets. The
worth of the average student’s belongings is in the region of £4,000,
once you have included laptops, iPods, CD/DVD players, widescreen TVs, bicycles,
and mobile phones. On a typical student budget most could not afford to replace
these possessions if they were burgled and should therefore not head back to
university without sufficient insurance cover.
What insurance do students need?
Student possessions insurance – this will cover your personal possessions
while you are at university. Most policies cover for damage by fire, theft and
water and some policies will also cover for accidental damage. To work out how
much insurance you need to cover all your belongings, carry out an inventory
of your possessions room by room. Insurers set limits on the amount they will
pay out for individual items, therefore if you have expensive goods, such as
a laptop, it is worth looking in to insuring them separately. (Computer
insurance quotes)
Before you by your own student contents insurance, speak to your parent’s home contents insurer as student possessions can often be included on this or added on as an extra. There are sometimes limitations and exclusions in place on these policies. Pay particular attention to the exact level of cover, excess amounts and the insurer’s stance on whether they require locks on internal doors.
Some university Halls of Residence include insurance as part of their accommodation fees. Don’t assume this is the case; always check it for yourself with your accommodation officer. If it is not included then check your parent’s policy before buying your own insurance. However as soon as you move out of Halls you will need to insure your belongings for yourself or face a hefty financial payout if your kit gets stolen or damaged. (Home insurance quotes)
Finally, check the terms and conditions for cover during holiday periods. Standard student contents insurance will usually not cover the contents of your room if left unoccupied for more than 35 days unless the cover has been extended. A more comprehensive policy will usually cover your possessions during the long holidays. If you are covered on your parents’ policy, double check their clauses with regards to holidays.
Be secure…
Make sure you are security conscious while you are away to minimise the risk
of being burgled. Do not leave your doors and windows in halls or shared accommodation
unlocked when you are away and keep an eye out for suspicious loiterers. Never
leave expensive equipment lying around in full view of onlookers. Security mark
your property - this makes it harder for a burglar to sell stolen goods and
can help the police to return items to you
Use the Home
InsuranceWizard for home insurance quotes
Other insurance to consider:
Bicycle Insurance
Pedal power to lectures is a typical scene around a university campus. Make
sure that you always lock your bike up, even if you are just running to pick
up a book from the library or going in to the newsagent. Never leave it unlocked
in the garden of your student house as this is the first place thieves will
look. Replacing a stolen bike can be expensive so make sure you insure it. Don’t
assume that your bike is insured with your student possessions insurance. Standard
insurance policies often exclude them and ask you to pay an additional premium
to cover them. Alternatively you could opt to take out a specialist bicycle
insurance policy. Bike
insurance quotes.
Travel Insurance
Whether you are planning a mini break, week away skiing or a couple of months
away during the long summer holiday don’t forget to pack your travel insurance.
It is likely to be the last thing on your mind when you are budgeting for a
trip away but it should not be overlooked as will be invaluable should you have
accident and need medical attention or if you lose your belongings or need to
cancel your trip due to illness or injury to yourself or your family.
If you are planning on making the most all your university holidays with trips away then it may be worth while looking at an annual travel insurance policy. However check the maximum number of days you can be out of the UK at any one time. For longer trips you may need to look at a specific backpacker’s policy. Travel insurance quotes
Car Insurance
If you are fortunate enough to have access to a car while you are at university
you must make sure that it is insured. It is illegal to drive an uninsured car.
The minimum legal level of car insurance is third party insurance. This is the
least expensive way to insure a car and is recommended as the cheaper option
if the vehicle is of low value. Many young drivers face the question of whether
they should be a named driver on their parents’ policy or start up their
own insurance policy. Although the latter is often more expensive in the short
term, it allows you to start building up your No Claims Bonus and you will therefore
benefit from lower premiums in following years and have access to a wider range
of insurers.
