Student contents insurance

Student contents insurance

Students living in university towns and communal ‘digs’ are more likely to suffer at the hands of theft, according to Home Office studies, which provide figures of 1 in 3 students becoming a victim of crime every year. The combination of living at a university and out of the family home, being in central town locations that generally possess higher crime rates and having a more ‘come and go’ lifestyle, all add up to what are deemed more unsecured possessions and combine to produce these kinds of statistics. While this clearly means that student’s possessions are believed to be of high risk, specialist insurance can help take these factors and personal circumstance into consideration, and help keep down the cost of annual premiums.

Students living in rented communal accommodation need to bear in mind that their landlord will have taken out buildings insurance but only contents insurance for whatever possessions were already in the property when you moved in. Any other items belonging to you will need your own personal policy to protect them; this is the same for everyone living under that roof – you will all need individual policies for your own belongings.

Student contents insurance will also take into consideration that they are away from their accommodation regularly as they travel home for weekends, terms and semesters making their belongings even more vulnerable. However, if you are likely to be away for continuously long periods of time, you may have to take out extra insurance as standard student contents insurance will typically not cover possessions left in a vacant home for more than 35 days.

Standard student contents insurance typically covers:

• Third party theft or damage – will ensure your possessions are covered if they have been damaged or stolen.
• Accidental damage – will ensure that your possessions are financially covered to be repaired or replaced in the event of accidental breakage or damage; which is a likely scenario in a shared house.
• Fire and flood damage – will ensure that should there be any scorch, smoke or water damage to your possessions, they will be repaired or replaced like for like.
• Audio/visual equipment – will ensure items such as TV’s, CD/MP3 and DVD players are covered against theft or damage.
• Computer equipment – will ensure that any desktops, laptops, tablets, printers or gaming consoles listed on your policy will be financially protected.

What to insure?

Any movable contents that the student has taken with them to their new abode can be insured. If they are of sentimental or financial value, it is worth considering their addition to your policy. High value items such as computer or home entertainment equipment is essential, along with any smaller gadgetry and/or expensive items of clothing. Think about the net worth of everything you have taken with you as the collective value can start to add up and after all, it’s there because you feel you need it...

Cut your costs by reducing the risk and in turn, your annual premium. Options include:

Security - upping your security measures reduces the risk of theft and damage significantly. Ensure all windows and doors are properly locked before leaving the house and if your landlord hasn’t already done so, install burglar and fire alarm systems. Also ask your landlord if you can install locks on your own bedroom door.

Avoiding claims - if you up your security and look after your possessions, your need to claim will lessen, giving you the chance to build up your no claims discount. Also, if it’s a low value item that has been stolen or damaged, work out if the cost of replacing or repairing it is relative to your excess and possible increase in annual premium.

Increase your excess - you can lower your annual premium if you voluntarily agree to pay a higher excess if you claim. By upping your cost commitment, you are lowering your risk factor to the Insurer – but make sure the amount of excess you choose is a price you can afford to pay, should you need to claim.

Avoid duplicate cover - Parents should check that any items taken to the student accommodation aren’t already insured on a home or gadget insurance policy. However, you must check what your home contents insurance policy allows in respect of cover for items away from the home for long periods of time and if those items are still covered if they are kept in accommodation that may be empty for periods of time. Also, should there be any items bought by the students combined whilst living in the communal accommodation, such as gaming systems or TV’s, you must take care not to double insure them, only listing them on one of the students contents insurance policies.