Presented by Cover4insurance.com
Cover4insurance.com have given Studentpad some great tips and information about insurance as a student:
Figures show that around 1 in 3 students have been a victim of crime. Do you have contents insurance for the worst-case scenario?
Students are an easy target for crime, especially during the freshers' period. With so many young people moving to a new city at the one-time making them a prime target for local criminals. For most student this will be the first time that they have lived away from home, armed with all the latest gadgets, to a burglar it must feel like their birthday, Christmas and Easter all rolled into one.
Michael Masterson of Cover4Insurance estimates that over a third of students do not have any contents insurance with many students simply thinking that they won’t need it or that it is too expensive.
A study by Aviva insurance in 2019 reveals that a typical student room has possessions worth £3,259, with tech equipment and gadgets alone adding up to more than£1,750 on average. Source
But with roughly 1 in 3 students being the victim of crime, can students afford not to have it?
Student insurance can save you a whole load of stress and cash, so it's best to get it sorted ASAP – and here's how.
Best Contents Insurance for Students
Cover4insurance specialises in student insurance and comes with "Walk in Theft" cover, which doesn't require you to have a lock on your bedroom door.
There are a variety of options available depending on what you want to protect. The price per month/year will, of course, be dictated by how much you choose to cover and under what circumstances.
Do Students Need Contents Insurance?
Based on the information and stats listed above, it's safe to say YES: we would suggest that Students do need contents insurance. But the good news is that there's a chance that you may already be covered.
A lot of university halls will already offer a basic level of student insurance, but many students just don't realise they're covered. Cover4Insurance for example insure over 150,000students each year and you can check on their website to see if you are already covered by them Click here
You might notice that this free student insurance only covers a limited range of items and normally the items must be in your room at the time of the incident for them to be covered.
In other words, if your laptop, mobile etc is damaged or stolen away from your room, you might not be covered unless you have bought additional cover to the block scheme provided. Some polices will require forced entry (i.e., if somebody comes back with one of your flat/house mates and steels an item(s) from your room), you may not be covered either.
Are Students Covered by Their Parents Contents Insurance?
Before buying a student insurance policy, yourself, you should also check to see if you're covered by your parents' home insurance as this could save you some serious money.
But be careful as the policy is likely to have some restrictions which may not be suitable for you for example:
· Some policies will have a restriction covering students if they regularly return home at least once within a set timeframe.
· May require certain lock requirements(that you may not be able to implement due to your tenancy with the property owner)
· Exclude cover in communal areas or a shared house
· Exclude cover for items as you go to and from university
If you don't currently fall under your parents’ insurance policy, it's worth asking them to call up and ask for a quote for adding you to their policy. It may work out cheaper than a separate policy.
Before you talk your way onto your parents’ policy, let them know there's a bit of a risk involved for them. For example, their no-claims bonus will also be affected if you make a claim.
How Does Contents Insurance Work?
Contents insurance does exactly what it says on the tin: it insures the contents of your accommodation in case of loss from theft, attempted theft, fire, storm, flood, escape of water, explosion, lightning, or earthquake.
If you want to add an additional layer of protection that will cover your possessions when you're out of the house (i.e., when you're carrying valuables like your mobile phone, camera or laptop), you'll need to look at personal protection or extra gadget insurance.
These are the things you should know about before taking out a contents insurance policy:
1. What is an insurance policy excess?
The excess on a contents insurance policy is the first amount that you agree to pay should you make a claim and will be deducted from your settlement if you do.
For example, if your laptop claim is for £900 and your excess is £50, you'll get a £850.
2. Some things will cost extra to insure
Bikes, laptops, and other high-value goods will often have to be added on top of your contents insurance policy, particularly if you tend to carry them around with you.
3. Buildings insurance isn't your responsibility
As we're sure you're already aware, you don't have to worry about buildings insurance – that's your landlord’s job. It is also your landlord's responsibility to insure any objects in the house that belong to them. We're talking beds, sofas, wardrobes etc
That doesn't mean that you're excused from paying for any damage to the home that you cause. If you accidentally smash a window in the living room, chances are they'll hold you responsible and make you pay for the damage to save them making an insurance claim.
4. It's your responsibility to insure your possessions
While your landlord is responsible for insuring the building and any of their own possessions, protecting your belongings is entirely your responsibility.