The ultimate guide to student contents insurance If you’re moving away to study, we’re willing to bet that the last thing on your mind is insurance. But if, like the average university student these days, you’re taking nearly £3,500 worth of belongings with you, then we reckon making sure you have sufficient home contents insurance should be high on your list of priorities.
What Is Student Contents Insurance?
There are two types of home insurance: buildings insurance and contents insurance. If you’re renting a room in a student house or halls of residence, you’ll only need contents insurance; whoever you rent the room from should have buildings insurance, which will cover the building you live in.
Contents insurance will typically protect your possessions, which includes your phone, laptop, tablet, watch, TV, printer, and clothes, for example, against loss or damage due to theft, fire, storms, flooding, vandalism and burst pipes at home.
Be Prepared
Make sure you have contents insurance in place when the new term starts, as about 20% of student thefts happen in the first six weeks of the academic year.
Are You Covered By Your Parents’ Home Insurance?
A lot of students assume that their belongings will be covered by their parents’ contents insurance, but this isn’t always the case. Some policies will include cover for children’s belongings while they’re away from their parents’ home, while others won’t, so it’s important that you check. If this cover isn’t included, your parents might be able to add it to their policy, but it will probably cost them extra.
If you are covered by your parents’ policy, there are likely to be some exceptions. For example:
Will you be covered if you live in shared accommodation away from the college or university campus?
Will your possessions only be covered if they’re locked in your own room? Or would you be insured if they’re stolen from a communal area in shared accommodation?
If you have brothers or sisters who are also students, can you all be covered on your parents’ contents insurance at the same time?
There’s also likely to be limits on the cover – for example, you’re not likely to be covered against accidental damage.
Living In Halls?
Then the university might arrange contents insurance for you. Some will even insure your possessions at no extra cost if you’re living in their accommodation (but check whether any expensive items you own are covered).
Taking Out Your Own Student Contents Insurance.
Lots of insurance providers offer contents insurance for students but most of these are not tailored to university lifestyles. Cover4Insurance.com has an easy-to-use Get A Quote designed around student life that covers your items anywhere in your property and doesn’t require individual locks on your bedroom door(s).
Remember to spend some time finding a policy that offers the right level of cover for you, at a price you can afford. When you are shopping around compare the policy excess (first part of any claim you must pay as these can vary quite considerably) it is also a good idea to ask if it covers what's known as "Walk in Theft" cover - basically there doesn't need to be a break-in to the property for cover to be in place. As this is how specialist student insurance differs from general household cover.
5 Things To Look Out For With Student Contents Insurance.
Accidental damage This could be invaluable if you have any breakages. Accidental damage could pay out for the repair or replacement of an item that’s been damaged or destroyed by an accident. For example, if you spill wine or beer on your laptop! If accidental damage isn’t included as standard within your content’s insurance, you’ll usually be able to add it as an optional extra, for an additional cost.
Cover for your bike As a student, it’s highly likely that you have a bike to help you get around. While you can usually add your bike to your contents insurance at any time, some policies will only pay out if your bike is stolen from your room or a locked garage or store. If you want your insurance to cover you on your travels, you’ll need to specify this. You’ll be expected to take reasonable precautions when out and about, using approved locks fitted on bike racks, for example.
High-value items If you have any prized possessions – an expensive watch or jewellery – you need to be certain they’re covered to their full value should the worst happen and you lose them or they’re stolen. Most contents policies will have a maximum limit that any single item can be worth before you need to specify it separately on the policy (this is known as a single article limit). You’ll need to check with your insurance provider what that limit is (it’s often set at around £1,500) and list anything that exceeds it. Although this might increase the cost of your insurance, it could save you money in the long run as replacing these items could be very expensive.
Possessions cover outside the home Contents insurance will cover your possessions while they’re in your rented room or hall of residence, but you’ll need possessions cover outside the home if you want to cover your belongings while you’re out and about. That means expensive items, such as your wallet or purse, phone, tablet, and laptop, will be insured if you lose them or they’re stolen when you’re on your way to study at the library, for example. Some contents policies will include personal possessions cover as standard feature, while others don’t. You should be able to add it to your policy for an additional cost if you feel you need it.
Walk-in theft Check whether your contents insurance covers you for walk-in theft (just look at the wording next to ‘Theft’ in the policy document to see whether walk-in theft is excluded). If it’s included, you’ll be able to claim for a burglary even if there’s no sign of forced entry. For example, if you live in student halls and someone mistakenly lets in a burglar during a party, and they steal from your room.
Some Other Considerations…
You might want to make sure your belongings are covered during the holidays, as well as in term time. Check with your insurance provider if you’re unsure.
Look into how long it will take to get stolen or damaged items replaced. As a student, you can’t afford to wait months for a new laptop.
Most policies will explain how to make a claim. It’s always worth checking this out so you know what to do should the worst happen.
Want To Save Money?
If you’re worried about the price of student insurance, our top tips could help to lower the cost.
Value Your Possession Accurately
Be careful not to underinsure your belongings, but equally don’t go over the top with your valuations (you’ll end up paying for a higher level of cover than you need). Do a quick sum and work out what cover you really need.
Increase Your Voluntary Excess
There are two types of insurance excess: compulsory, which is set by the insurance provider, and voluntary, which is decided by you. You’ll need to pay both if you make a claim. Increasing the amount of voluntary excess, you’re willing to pay could cut the cost of your content’s insurance, although you’ll get less back when you make a claim. What’s important is that you find a level of excess you’re comfortable paying.
Pay Up Front
Although it might be tempting to spread the cost of your insurance by paying monthly, it could cost you more as you may be charged interest on the instalments. Pay for your insurance in one go – if you can afford it! It’s likely to keep the cost down.
Now you know all there is to know about student home insurance, you can buy with confidence.
