Picture this with me, you arrive at your new student accommodation excited about living away from home for the first time. Your new housemates are great, your new place is right at the heart of student life and there is a massive buzz about the place. Everything is starting so perfectly, you want to keep it that way.
You have just waved goodbye to your family, a sobbing mother, a doting father and a younger brother who can only talk about making your old room into a game room. As you sit down and begin to unpack, all you can think about is getting out and partying with your new friends. However, there is one last thing you need to do before the fun begins.
You look around and add up how much everything would cost to replace. The new Laptop your father bought you for graduating, the iPod Nano you got for your birthday, and your most treasured possession, your cell phone. You could easily add up thousands of dollars worth of items. What’s more, because of the value that lies inside, student housing is a favorite target for thieves.
The property fittings and furniture will already be covered by a landlord insurance policy, so it’s now time to find your own level of insurance.
What Insurance do I need?
To cover your own possessions, you will need a student contents insurance policy, and finding it is easy. Visit moneysupermarket.com where you can compare hundreds of providers and make sure that all your personal possessions are covered against theft, fire, or damage.
Here are some key points to look out for when taking out an insurance policy.
· Timeframes – You need to find out what is covered and when. Some policies will cover you all year round, whilst some will only cover you during term time.
· Underinsurance – If the worst happens and you have to claim on your policy, the last thing you want is to find that it doesn’t meet all your costs.
· Reduce the risk – Ask the landlord to install window locks and an alarm, this will help reduce what you have to pay.
· Away from home coverage – Make sure your provider protects those items you would take with you when you’re out and about.
· Bicycles – If you are a keen cyclist or just need a bike to get to and from your lectures, check if your insurance covers bikes because not all of them do.
Several insurers offer policies specifically for students. The National Union of Students recommends Endsleigh Insurance, which allows people to ‘pick and choose’ their policy, adding individual items to make sure everything is covered.
This will minimize the cost of the insurance premium as it will cover the bare minimum and not everything you own. However, it’s worth remembering that cutting back on coverage can prove to be a false economy if you are burgled and your uninsured items are taken. So, decide what you can and cannot afford to lose and get your insurance policy sorted today.
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