Contents insurance may not be high on your list of must-haves for university, but if you value your mobile phone, laptop or tablet, then getting cover makes sense.
In this guide we discuss what contents insurance is and how it could make a difference to your time away at university.
What is contents insurance?
Student contents insurance helps you cover the cost of replacing your personal belongings in the event of fire, theft, or flood.
Your contents include all the items owned by you in the property, including things such as your computer, games consoles, jewellery and glasses.
Do students need contents insurance?
Contents insurance can be especially important for students. Your laptop, phone and textbooks can be essential to your degree and expensive to replace.
When you’re moving into halls of residence or shared accommodation near people you don’t know so well, having your possessions covered can give you extra peace of mind.
Do I need student contents insurance if I live at home?
If you’re living with parents or guardians, make sure any high-value items essential to your studies, such as your computer, are listed on their contents insurance.
As you’ll likely be commuting to university, make sure your essentials, such as your phone and laptop, are covered whilst you’re out. Ask your parents or guardians to check their contents insurance policy to see if your personal possessions are covered.
How does contents insurance work?
First you need to create a list of all your possessions and write down how much they would cost to replace. Be as accurate as possible. Under-estimating could leave you underinsured which could result in a claims payment being reduced or the claim being declined altogether.
The estimate you give will impact the cost you pay for your policy and will be the maximum pay-out you can receive in cases such as of fire, theft or flood.
What is covered by contents insurance?
In case of theft, loss or unexpected damage at home, most of your possessions are covered, including:
- Clothing and shoes
- Kitchen appliances and utensils
- Books and study materials
- Electronic devices, including your laptop, tablet and phone
- Furniture and soft furnishings
- Sporting equipment and bicycles
For personal items you take out with you, it’s worth looking at personal possessions insurance for further cover.
You could also consider bicycle insurance, especially if your bike will be your main form of transport to and from university. This could cover the cost of repairs or replacing your bike in case of theft or damage (excluding normal use or ageing) whilst outside of the home.
How much does student contents insurance cost?
The cost of your contents insurance will depend on various factors, including the value of your possessions and the location of the property. For instance, areas with lower crime rates could have lower premiums.
The actual cost will depend on your policy, but student contents insurance is designed to suit a student budget.
How can I get cheaper student contents insurance?
Understandably, the thought of paying a monthly premium as a student can be quite daunting. It's worth considering whether you could pay outright for a new computer or phone if the worst happens.
There are several factors that can impact the cost of your contents insurance. To make sure you are getting good value for money, make sure you calculate your contents accurately. To lower the cost of your policy, you can look at paying a higher excess (the excess is the amount you pay out in the event of a claim). You could also think about getting additional security measures at home.
Keep your items safe at university
Moving out for the first time can be daunting. Student contents insurance can make sure that you have your belongings covered if the worst does happen. This should help give you security and peace of mind on your new adventure.