Students Urged to Insure All Belongings
News today suggests that many students are under insured when it comes to contents insurance and many items may not be covered in the event of theft or fire.
Students generally have 3 options to follow when looking to get cover under a home contents insurance policy.
- See if their landlord’s insurance (either privately or via the university) will cover them – mostly unlikely
- Get parents to add them as a named contact on their own insurance policy
- Get seperate contents insurance policy for the student themselves
In general students contents insurance is not that expensive because they don’t generally have many valuable possessions but if you are not covered then items such as bicycles, hi-fi, ipods, x box and televisions won’t be insured. Additionally most contents insurance policies also cover you for money and clothing whilst you are away from your main home and it’s only when there is an incident you realise you haven’t got the right policy in force.
Sainsbury Bank has recently carried out research into student possessions and they have found that the average value is £3,500 with the most expensive being £5,122 for students studying in the South West of England.
Most disturbing was the fact that a third of students said their property and possessions were not insured and 10% said they weren’t sure if they had insurance or not.
It was in London where nearly 50% of students said their possessions were not insured. Student property is always rich pickings for burglars because there are generally 3 or 4 students living at the same address and would mostly have expensive electrical goods which are easy to sell on in the second hand market or at car boot sales.
Sainbury’s student contents insurance offers cover for up to £5,000 which should be ample for most students and even a 30% no claims discount and offer accidental cover so this may be time to check if you have adequate cover and the premium you are paying each year. It’s worth it because student policies don’t actually cost that much.
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