7th September 2015
With thousands of students across the UK set to head-off to university, experts are warning them to ensure their belongings are adequately covered while they are living and studying away from home.
The caution from Gocompare.com follows its review of more than 360 household contents insurance policies, which revealed that while the majority, at 78%, include cover for student belongings, cover levels vary considerably – 4% give you the option to add-on cover for an additional premium but 18% do not provide any cover at all.
The analysis found:
Many students heading off to college are likely to take a number of valuable belongings with them including smartphones, laptops and other electronic items – as well as clothes, bicycles and books.
But Ben Wilson, home insurance spokesman at Gocompare.com said they should not assume that their belongings are automatically covered by their parents’ home contents insurance.
He said: “While many home contents policies provide cover for family members living and studying away from home – the cover available, excesses, policy terms and conditions can vary considerably. For example, there may be restrictions relating to the type of accommodation the student will be living in; cover may only apply during term-time; cover for valuables and bicycles may be excluded; and theft is typically only covered where there are signs of a break-in.”
Wilson noted In addition to the family’s home insurance, there are two other routes to insuring students’ possessions while they are away studying – buying specialist stand-alone student contents insurance, or using cover provided with university or college accommodation.
“There are several specialist student contents providers, including Endsleigh – who are approved by the National Union of Students – and policies can be relatively inexpensive. Student halls often provide a degree of insurance against theft of personal possessions, but you’ll need to check the policy terms and conditions and decide if you need to top it up to cover specific or valuable items such as computer equipment, musical instruments or bicycles.”