Students & Insurance
Reports by insurance brokers show that each year at least 1 in 3 students suffer the consequences of theft and break-ins. Student housing is classified as a high risk target for burglary and this is due to the fact that student accommodation is often situation in the cheaper or more run down areas of the university town.
The average value of students' possessions is estimated at around £4,000 including the more expensive of personal item such as a PC or laptop, TV and DVD player and the all important music system. Students leave their residence empty for long periods of time, be this during a typical day of studying or throughout the entire holiday periods.
It is therefore crucial that each student plans in advance for their day of independence and this should involve taking out some form of insurance.
So what type of insurance does the average student require? Well, before taking out any policy it is wise to check with your parents to see if student possessions are included within their home contents insurance or if they can be added on at an extra cost. Failing this you will need to take out some form of personal possessions insurance. There are many insurers who specialize in student insurance and offer great packages that include cover for damage by fire, theft, water and also accidental damage. However most insurance companies will have a limit to the amount they will pay out in the case of a claim so any individual items of great value may not necessarily be covered and you may need to look into insuring these separately.
Things to look out for - Do check the terms and conditions of any policy making sure your possessions are covered over the holiday periods when you may be absent from your student residence. In general you will not be covered if you leave the premises vacated for more than 35 days, in which case as extension to your cover may be required and particularly during the summer holidays.
Although some university Halls of Residence may include insurance as part of their accommodation fees, it is not always the case. Check with the accommodation officer before you move yourself in as any theft thereafter and you will not be covered.
Be security conscious - Common sense tells us to avoid the possibility of theft where and whenever possible. Make sure you have a good safe lock on your door and ensure all windows are closed and locked before leaving the building. Never leave expensive items in full view i.e. in a window or in a place of access where there is no lockable door. Take care in shared accommodation where entrances and exits are communal and look out for any suspicious characters. Where possible security mark your property and check with your local police station prior to moving in on how to go about doing this. Security marked items make life harder for thieves to resell stolen goods and anything with a registered security mark will go in your favour should you need to put in a claim.
Other types of insurances students may require include:
- Credit card protection
- Car insurance
- Bicycle insurance
- Health insurance
- Travel insurance
Before applying for insurance or other financial products, it is recommended you compare deals as well as providers. Here at the MoneyOutlet we can help. Get your free, no obligation quote on loans, insurance, credit cards and more.
Published on October 26, 2007
Digg | 
del.icio.us | 
StumbleUpon | 
Reddit | 
Yahoo! | 
My favourites
Latest Insurance Articles
Home Insurance And Keeping Costs Down
When it comes time to insure your home you may want to consider shopping online for the best deal. As 2008 expects to see many homeowners paying more on their mortgage payments as the credit crisis takes its grip, now more than ever UK homeowners should be on the lookout for cheaper deals on home insurance. In addition to comparing deals, there are steps one can take to help reduce costs... Read More
February 25, 2008
Annual Profits Of £571m For British Gas
A recent report discovered British Gas annual profits to soar more than six-fold to £571m. Other major energy companies also raised rates blaming rising costs in wholesale energy markets. Consumer group Energywatch is criticising British Gas and others calling for an investigation into energy supplies and the way the energy markets work. Meanwhile, shareholders are benefitting from profit share whilst customers are being hit with higher bills... Read More
February 22, 2008
Life Insurance Should Be Simple
Life insurance products are relatively straight forward. There are three main types to consider depending on the kind of cover you seek or find essential. Depending on what you would like to achieve with your life insurance will naturally affect monthly cost. One thing is for sure, quitting smoking and eating a sensible diet will lower your monthly premiums as well as offer you a healthier life-style... Read More
January 29, 2008
Norwich Union Life Get FSA Fine
The UK's financial watchdog, the Financial Services Authority, has recently fined Norwich Union Life for failing to protect customers against financial fraud. Norwich Union themselves realised there were security gaps and training in their Indian call centres was outdated. The insurer fully co-operated with the FSA during its investigation but the point seems to be that initial security measures must be in place from the beginning... Read More
December 21, 2007
Don't Forget Travel Insurance This Christmas
As Christmas approaches, many Brits are planning to travel to spend the holidays with family abroad. Most travellers forget to consider travel insurance when planning trips abroad. Executives of the British Insurance Broker's Association says long trip travel insurance is essential to not only protect your own personal well being but to provide cover for the holiday gifts you may bring to family... Read More
November 30, 2007
Refer a Friend
Why not tell a friend about Money Outlet? Click here
