Students Home Insurance
Students Home Insurance
As a student, the chances are that until you start at college or university, you will have been living at home with your parents, and that you and your possessions have been protected by the home contents insurance covering the family home. When you move out, you will take a large quantity of your personal property with you. Computers, music systems, bikes, clothes and other valuable items will soon be installed at your university hall of residence or a room in a house shared with others. As soon as you do so, it is likely that your property ceases to be covered by your family's home contents policy.
Although home contents insurance will often not figure very high on your list of priorities, it is a sad fact that student accommodation is a favourite target for opportunist burglars. These parasites are well aware that the majority of properties occupied by students will contain lap tops, personal computers, mobiles and game consuls. They are also aware that students have to vacate their rooms at regular times to attend lectures, exams and other functions. They also know the holiday periods when students are likely to return to their families, leaving most of their more bulky valuables behind. In fact, statistics show that around 38 per cent of all students are victims of crime during their spell at university. However, only a small percentage take out any form of insurance policy covering their personal possessions. The rest trust to luck.
Many universities have their own insurance policies covering the possessions of students who occupy university managed residences, but for those who stay in rented or privately owned accommodation there are two main options.
Firstly, their parents can arrange for their home contents policy to be extended to cover their property while away from the family home. This method has a number of drawbacks in that the insurance is unlikely to provide protection if the possessions are left in unoccupied accommodation for more than a specified period of time - so everything has to come home at holidays. Furthermore, because of the somewhat casual security measures that exist in typical student housing, the terms of the policy with regard to this are unlikely to be met. Finally, if there is a claim, the family's insurance premiums will soar.
The second option is for the students to obtain their own cover. This is by far the better option, although there are often a number of exclusions and there are always conditions imposed in respect of the security of the accommodation. However once obtained, there are a number of benefits that come with household insurance. Not only are possessions covered against accidental damage, loss or theft, most insurances provide personal liability protection against the cost of legal representation against being sued for damages and will also protect the deposit paid to the landlord against accidental damage to the rented property itself.
Contents insurance is not compulsory, but given the statistics it is a wise move. There are any number of companies that provide Home Insurance Policies for students, so shop around on the internet to get some quotes before you decide on the deal for you.
