If you’re going to university, you may plan on moving into shared student halls. Or maybe you’re going to move into a house share with a private landlord. This means student content insurance might not be included in your accommodation. To ensure that your possessions are protected while you’re at university, it is important to invest in student contents insurance. In this guide, we will explain what student contents insurance is and how to get it. Don’t worry, we will also answer all your student insurance questions.
What is student contents insurance?
Student contents insurance is there to protect student’s contents and possessions while you’re living at student accommodation from theft and sometimes loss or damage. It all depends on the type of cover you choose. Regardless, it will give you peace of mind knowing that your possessions will be replaced. Replacing possessions such as laptops, your phone, or even your bike or clothes out of your own pocket can be extremely expensive.
Getting student content insurance is very important as student accommodations are prone to thefts. Especially during freshers’ week. Think about it, lots of students moving to a new city and excited about starting university with all their expensive gadgets. It makes students a good target for crime. Sharing your living space with others is also a target for theft. You may not know the people you are living with all that well.
According to Save The Student, the research found that 36% of students didn’t get contents insurance, assuming it was too expensive or they wouldn’t need it. But, the same proportion of students had their possessions damaged or stolen. Therefore, many students feel that taking out insurance on expensive items such as laptops, which are important to completing a degree, is worth the one-off expense in the long run.
Do I need student insurance?
To be on the safe side, it is better to have student contents insurance. Rather than being that proportion of students who get their items stolen then having to replace them with their own money. You’ll have that peace of mind just in case anything does happen to your contents while away from home. However, before taking out a policy, you should check with your accommodation provider whether insurance is already included in the price. Some student halls will already offer a basic level of student contents insurance. It may only cover a limited range of items, but you can take out extra policies to cover the rest of your belongings. We will go into more detail as we go on.
Are students covered on home insurance?
It’s common for students to assume that they are covered by their parents’ home policy. Especially since some policies will cover students’ content as long as they return home regularly. So, you should check with your parents to see if you are already under their insurance. If not, it is worth seeing if they can add you to their policy, as it may work out cheaper.
How much is student insurance?
On average student contents insurance costs around £60-70 a year. It can be paid annually, or monthly. A few factors affect this price such as the quality of cover you may get, the area you live in, what type of accommodation you live in, and who you live with.
Can you reduce the cost of contents insurance?
There are a few ways to get the best deal on contents insurance. Below are some tips to help you get cheaper student contents insurance.
Compare Prices – Shopping around and comparing different insurers can help you save money. Plus, help you find the best deal, on price and policies. Make sure to read and compare the terms and conditions.
Paying Yearly – Paying monthly may seem tempting and cheaper. However, in the long run, paying yearly is cheaper as there can be interest charged when paying monthly.
Increase Security Measures – Make sure that you have the correct lock on your doors and windows. When you aren’t around remember to lock up and hide any expensive items. This will help to minimise the risk of thefts and break-ins.
Decide What to Insure – The fewer items you insure the cheaper your insurance will cost. So, don’t over-insure on items that can be easily replaceable or aren’t that important. Instead, get more coverage on expensive items you know that will be hard to replace and that will be more at risk to get stolen.
What should be included in contents insurance for students?
Items that are covered in student contents insurance may vary among insurance providers. This is why it is important to compare prices and policies.
However, these items are usually covered in a standard insurance policy:
- Books (including any university textbooks)
- Musical Instruments
- Electronics such as mobile phones, tablets, and laptops
Some things that are more expensive may require extra cost to protect it, such as:
- Expensive gadgets (phones, tablets, cameras, gaming consoles, etc.)
What to do when getting insured
When getting insured there are a few things you need to know. Make sure that you are insured before your term starts, that way you are protected, and you don’t need to worry. But also make sure you read the terms and conditions of your policy, as some may have specific requirements. Knowing the period that your policy covers is useful as well, as the policy may not cover the entire time you’re at university. The most useful, however, is that you understand the wording used within the process of getting insurance, which we will cover below.
Understanding contents insurance
Understanding your student contents insurance can be hard, with all the jargon used it can sound complicated. Especially when it is your first time buying content insurance. To help you, we’ve broken down some key terms.
- Buildings insurance: This covers the cost of repairing damage to the structure of your building or property. It means that if there is damage to the home that you’re not responsible for you will be covered. Landlords should have this in place though, so you don’t have to worry.
- Excess: This is the amount of money that you agree to pay towards your insurance claim. For example, if your phone is worth £300 with an excess of £100 you would receive a payout of £200 if your phone got stolen. The higher you choose to pay in excess, the less payout you will receive. Know what your excess is as it won’t be worth paying £250 for your phone if it costs £300.
- Exclusions: These are events or items that the insurance doesn’t cover. Every policy will have this, so be aware of exactly what you are and aren’t covered for.
- No-claims discount: This is a reduction in the cost of insurance if you don’t make a claim. The more years you go without claiming, the more of a discount you can receive from insurers.
- Paying upfront: With taking insurance you have the option to pay monthly or annually as a lump sum, that is what paying up-front is. Paying a lump sum often works out cheaper in the long run as some insurers charge extra for paying monthly.
- Walk-in theft: This is when items are stolen with no sign of forced entry, which is why it is important to lock your doors and windows. But, if you’re in a shared accommodation it is useful to consider adding this insurance to your policy just in case.
Compare contents insurance for students
Getting student content insurance is quick and easy. To receive a quote, all you need to know is what type of insurance you want and when you want it to start. As well as information about where you live, with who, and some personal details. Just make sure, you compare the cost and policies with different insurance companies, as that is the best way to ensure a good deal. To help you there are comparison sites that will give you a quote and will compare insurance policies for you, such as Confused.com, Money Supermarket, and Compare the Market.
We hope this guide helped you understand how important student contents insurance is and how to get one. Don’t forget to protect your belongings and save yourself money just in case your possessions are lost, stolen, or damaged. At Urbanest, we are proud to provide student contents insurance with your accommodation for your studies. To view our accommodation, check out our student accommodation in London.