Student insurance options come under examination
Students preparing to go to university this year need to study their insurance options according to comparison site Gocompare.com. The website is warning parents and young people to do their homework on insurance and examine the small print.
There are three main options for covering student possessions - many universities already provide cover with their accommodation, you may be able to use the family home insurance policy, or you may wish to buy a specific student insurance policy.
University accommodation insurance
It is common these days for students to begin college life in university accommodation and for that to include some level of insurance for personal possessions. This cover is well worth having but you need to check the terms and conditions and decide if you will need to top it up to cover specific items.
Using an existing home insurance policy
Many home insurance companies will offer student cover as part of their comprehensive policies or as an add-on to a standard policy. For example, Hiscox offers up to £2,500 worth of cover for each incident of loss whilst living away at university or college, while Swinton provides cover for students but won't pay for any loss or damage caused by theft unless violence or force is used to break into the building.
Not all policies will have such cover available and some policies only cover one child at a time so if you're sending siblings off to university, you'll need to check they are both covered.
Mark Greening, head of home insurance at Gocompare.com, said: "Using an existing home insurance policy can be a valid option for many families with a child at university. As a starting point it is worth checking what cover you may already have as it means you can avoid doubling-up. However, there may well be restrictions so it is important that you check the small print and remember; if you need to make a claim it may affect your home insurance in future."
Buying a stand-alone policy
Student insurance can be relatively inexpensive and there are several insurance companies that specialise in the student market. Endsleigh is a well-known specialist student insurer and its standard policy provides £3,000 worth of cover and includes protection against non-forcible entry and new-for-old replacement of items.
Greening from Gocompare.com continues: "Student accommodation is targeted by thieves because rooms can be crammed full of high tech goodies and there are periods of time when they are left unoccupied. Therefore, it is sensible to make sure you have some form of cover. It is an area where there are plenty of restrictions and exclusions, so it is important to have a good look at what cover is already available to you and compare it with policies specifically designed for students."
Top tips and things to watch out for:
Don't assume you are automatically covered by the family home insurance policy. Those that do provide cover may still have small print relating to locked doors and restrictions on cover outside of the room or in shared houses.
Never assume that your insurance policy will cover everything you own. Items such as bikes, musical equipment and course fees are usually covered as an added extra and for an additional premium.
Expensive items will need to be listed separately on the policy to ensure the cover is adequate.
Look for a reasonable excess, you don't want to be paying a £250 excess for a £350 laptop.
Check the terms and conditions to ensure you can fulfill the insurer's requirements. For example, they may specify that you lock your bedroom door when you leave the house.
As with any insurance policy, it's important to check the cover limits and excesses before you buy to make sure that you are comfortable with them.
Check the period of insurance, as your policy may not cover your possessions when term time ends.
Whilst many insurers will replace laptops, new-for-old and sometimes within 24 hours, they can't replace the data the laptop contains. Get into the habit of saving essays to external drives.
How to keep your things secure while at university:
If you are living in halls of residence be careful who you let in, or who comes in after you, as they may not necessarily be a student.
Don't leave your valuables on display in your home or car, it simply offers encouragement to thieves.
Register your valuables on immobilise.co.uk so if they're recovered they can be traced back to you.
Don't keep more cash on the premises than is absolutely necessary and never keep your PIN codes with your cards.