How much would it cost you to replace all of your possessions if you had to go out and buy them all new after a major robbery or fire?
This is the question you will have to start asking yourself now you are living away from home as a student, even though it is probably one of the last things on your mind once the first term kicks off, with possibly the first thing being ‘where’s the cheapest bar?’.
Indeed, recent news has shown that 18-24 year olds are the most careless when it comes to protecting their belongings and that’s something we want to change.
SWAG bag
Worryingly, as a student, you are likely to offer a thief prime pickings what with all those technical gadgets, including computers, laptops, mobile phones, TVs, DVD players and games consoles and possibly some of the slackest security measures.
However, home insurance seems to be the last thing on students’ minds so we thought we would raise the issue and maybe one day prevent you from kicking yourself and yelling ‘Why didn’t I get home insurance?!’.
Home insurance options
The first thing you should consider is whether or not your parents’ home insurance provides away from home cover for students. Some insurers offer this cover as a standard part of their policies, some ask for the main policyholders (the parents) to pay an additional premium to pay for the away from home cover and some do not provide it at all and insist that the student buys their own policy.
There are obvious advantages to getting some home contents insurance from your parents for free, for example, it’s FREE (as a student you will definitely learn to love free stuff);
INSERT INTO `module_blog_posts` VALUES and it will provide you with at least some cover should the worst happen.
However, there are also some disadvantages to using your parents’ home insurance.
You won’t build up your own no-claims history and the amount of cover provided would be limited to around £5,000, which may not be enough to cover all of your possessions, especially once you have bought textbooks and other essential items.
It is also likely that the cover will only apply while you are with your possessions and may involve you bringing them all back to your parents’ house while visiting on the vacations.
If your parents’ home insurance cover does not offer cover for you while you are away at uni, you will need to think about getting your own policy.
Protect your possessions
The fact of the matter is that a basic home insurance policy shouldn’t cost you a fortune because although you are likely to own a lot of technical gadgets, you are unlikely to own the building you live in nor expensive furniture and kitchen appliances. This means your home insurance policy will only have to cover one or two rooms and not a whole house and will therefore likely be quite cheap.
Some insurers offer specialist student policies to take into account a student’s very specific needs including accidental damage cover to landlord’s possessions and cover for bicycles and laptops taken outside of your property. However, the majority don’t, so probably the best thing you can do is compare home insurance policies and find the best cover to suit your individual needs and circumstances.
If you are unsure about anything, ask the insurance company lots of questions before you buy. They are there to help and it is better if you are clear about what the new home insurance policy does and doesn’t cover before you make your final decision.
Click the link to compare home insurance
9 Sep 08
12:09 pm
I remember when looking for a policy, that insurers weren’t particularly happy with house sharing, and were picky about the fact that I wasn’t living with a partner, but a friend. Make sure that the policy covers you, because you might find that they won’t pay out if the worst happens.