Luke Glassford approached me asking if he could write a guest article about Students Contents Insurance through bobatoo.co.uk, please welcome his first article.
Students Contents Insurance – Everything You Need To Know
Starting university is a big milestone in life. Along with the excitement that it brings, it can be a nerve wracking time. There’s so much to think about. And what with moving to a new city and having to make a whole new set of friends, protecting your valuables is something that is probably the last thing on your mind.
This guide aims to give you all the information regarding student contents insurance, namely its importance and the options that are available to you.
Student Contents Insurance – in a nutshell
Student contents insurance does exactly what it says on the tin – it protects the belongings you take with you to university if they were to be lost, stolen or damaged. In addition, having a policy in place means your possessions will be protected against damage caused by fires, floods, storms and burst pipes.
Is it mandatory to have student content insurance?
The average university student owns several expensive items of technology, making them three times more likely to be the victim of theft. So although it isn’t compulsory to have contents insurance, it makes huge sense to have a policy in place.
Imagine after a big night out with your new friends, you return to your accommodation to find the place ransacked and your laptop and iPad have been stolen. Now imagine that a short while ago, you took out a contents insurance policy and by doing so, you can make a claim and be able to replace the items that are missing. Relief? We thought so.
Having contents insurance will cover for you for numerous eventualities, not just if you have been the victim of theft. For example, if any of your valuables have been damaged due to a fire, a flood or a storm, you would be covered. You can even add extra protection, such as accidental damage, to cover you for an even wider range of situations.
How can I get contents insurance?
There are four main ways for you to insure your belongings during your time at university. These are an existing home insurance policy, student accommodation insurance, a home contents insurance policy and specialist student contents insurance. If you are considering taking out a policy, you should look at all of the possibilities and work out which is best for you.
An existing home insurance policy – If your parents have a home insurance policy – which is more than likely, they may be able to get an extension to their policy which will cover your possessions whilst you are away at uni. However, not all insurance companies will offer an extension, so don’t assume that the one your parents use will. If they are able to get an extension, you should check the limitations and make sure that the value of your possessions are covered. Limitations can vary from £750 to £5,000.
Student accommodation insurance – During the first year of university, students often move in to student accommodation or halls of residence. When doing so, they will often be offered some level of cover as part of the arrangement. If you have been offered a small level of cover, you may find that it isn’t high enough for your needs. In this case, you should take out a more comprehensive policy to ensure that your possessions are covered sufficiently.
Home contents insurance – If you are in a privately rented accommodation, which may be likely when in your second and third year of study, you will be able to take out a home contents insurance policy. You won’t be able to take out this policy if you are living in student accommodation or halls of residence.
Specialist student contents insurance – Most insurance companies now offer specialist student contents insurance which unlike the standard home contents insurance policies, is available to purchase if you are living in halls of residence. It works in the same way as home contents insurance and there is often a limit on the value of an individual item. So, if your laptop is worth £800 but the limit on your policy is £600, you will need to increase the limit value.
Things to remember about student contents insurance
- The majority of insurance policies (whether it be home, car etc.) carry an excess, and student content is no different. What it means is, if you make a claim, you have to pay the excess amount. The amount can vary from insurer to insurer and can be anything from £50 upwards. Instead of worrying about a high excess (for example £300), just think how much more you would have to spend if you had to replace your lost/stole/damaged items yourself.
- You’ll often find that there are certain exclusions. Things that are frequently excluded are items such as bicycles, musical instruments and sports equipment (such as ski equipment). If you have an item which isn’t included in your policy, you will need to purchase additional cover for this.
- Additional cover can be added to most insurance policies for bigger items and excluded items as mentioned above. Similarly, extra protection can also be added to a policy. An example of extra protection is accidental damage. This may be worthwhile to students who live in shared accommodation, where there is a higher risk of things getting damaged accidently.
- For many contents insurance policies there will be ‘valuables’ limit, which is included in the total value of your contents. With a valuable limit, only a certain amount of your belongings can be classed as ‘valuable’. Examples of these items are items of jewellery and other expensive items. Regarding valuables, it’s always a good idea to make sure your most expensive item is covered. After all, it’s highly likely that the most expensive item will be the biggest target for a thief.
Want to check it out? Visit Bobatoo Home Insurance