Accidents happen at home and at university, so students need to understand how insurance works.
University insurance cover for students is not compulsory but is a sensible idea.
Smartphones, laptops and bikes are expensive to replace but easy to insure, so taking out cover seems a smart idea.
Student homes are often targets for thieves who know what valuables you have and when you are out attending lectures.
And as much as you like to see the good in people, can you really vouch for hand-on-heart for the honesty of everyone you share your living and study space with?
Student insurance offers peace of mind and avoids the financial stress of replacing lost or damaged items you use daily.
Table of contents
Does My Parent’s Home Insurance Cover Students?
Check your parent’s home insurance. Many policies have away-from-home protection that applies to student term time accommodation – but that probably only applies to belongings kept in your room at university.
That’s only half the job, as you should cover your stuff for accidental damage and for while you are out and about on campus or in town clubbing.
Your parents should be aware that if you make a claim, they may have to pay any excess, and the insurer is likely to charge them more when the policy renews.
Balance this against the cost of student insurance.
If you have insurance, any claim is against that policy and does not impact the cost of your parent’s home insurance.
What Insurance Do Students Need?
Insurers should tailor the cover you need against your circumstances.
Contents insurance covers your belongings, like clothes and technology, although you may have to pay more if you take your belongings out of your room.
Separate gadget insurance covers technology against theft and damage – even from spills – but read the small print because cover and costs vary between insurers.
If you have specialist equipment for learning, like musical instruments, speak to your insurer about adding them to the policy.
If you have a car, you will need separate motor insurance, but you won’t need building insurance unless you own your property.
Am I Insured If I Live In Student Halls?
Ask your housing officer if your rent for halls includes contents insurance. If so, you should check the policy documents to ensure your belongings are fully insured. If they aren’t, look to buy your own cover.
It’s a good idea to take expensive items you rarely use home rather than leave them as a temptation to thieves in your room.
Am I Insured If I Live In A Private Student House?
Renting a room with other students in a private shared house is a little more complicated.
Students can insure their rooms and contents, like if they live in halls, or insure the house and share the cost.
However, if one of the sharers is cleaned out and has an expensive claim, the details go on all your claim histories.
If you have regular parties, you should realise that insurers will only accept a claim if you can show evidence of forced entry to the property.
Your landlord should take care of the building insurance, but landlord contents insurance only covers furniture and other items on an inventory.
What If I Study Overseas?
Speak to your insurer. Specialist student insurers will regularly deal with students studying overseas and will likely have a policy or links with someone offering the cover.
How Much Does Student Insurance Cost?
Student insurance costs depend on where you live, the type of property you live in and the cost of your belongings – so varies from city to city.
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