Insurance

According to the Home Office young people are more likely to be victims of burglary, and students own more expensive consumer goods per head than the rest of the population. So it’s not surprising that students are statistically one of the most likely groups to fall victim to crime, with 1-in-3 being affected each year. Given this fact it makes sense to have your belongings insured.

Many Halls of Residences already have contents insurance that automatically covers all tenants. If you live in Halls, check your contract to see if you are covered.

Some insurance policies include insurance for members of the household living away from home at University, meaning that you may be covered by your parent’s insurance policy. Get them to check. If you are not covered by your parents’ policy they may consider changing to one that does cover you.

If you do need to get insurance there are a few things you should consider;

Student insurance may be better tailored to meet your needs as it is designed specifically for students. However, it may not always be the cheapest option, and as a student you not do have to get student insurance. The most important thing is that you are sure about what your policy covers (see below).

You can search online for cheap contents insurance through a number of comparison sites. You will have to enter your personal details, but quotes will then be sought from a number of insurers.

However, you should exercise caution. No search engine will cover every insurer and the accuracy of the information is not guaranteed. Therefore it is best to conduct a few searches and always double-check quotes with the individual companies before choosing one.

(See the related websites)

What does your insurance cover?

Not all insurance policies have the same cover and this is often reflected in the price. Decide what is important to you and check that the policy gives you what you need before signing up.

Here are some of the areas you might want to consider:

These are items that are used away from the home, such as IPods, mobile telephones and cameras. These will not be automatically insured. You may be able to pay extra to extend your cover or you may choose to have these insured separately.

NB: if you are included on your parents or Halls of Residence insurance you will probably still need to insure your personal possessions yourself.

Are your possessions insured:

You will have to choose a more expensive policy to insure items damaged by accident.

If you live in privately rented accommodation and accidentally damage the landlord’s property you will be held liable. Your insurance may not cover this.

Some student insurers will pay some money towards course fees and rent if you have to leave due to an accident or unforeseen event.

If you pay for the full year up front, your policy will be cheaper. Consider this as an option if you have the funds when you sign up. If you pay it all at the beginning you will have it out of the way and will not have to include it in your budget.

If you cannot afford to pay it all at once then you can set up a direct debit for monthly installments.

Here are some easy, common sense things you can do to reduce risk:

In the home:

In Halls of Residences:

Protect expensive items

· Do not use your phone when walking about alone at night. If you do lose it, call and cancel it immediately.