The importance of student contents insurance

As the summer draws to a close and the nation’s students head off to university, it’s a time for starting afresh and buying shiny new things to get through another year of study. New stationery, new laptops, new household essentials to kit out a new student house… And these new purchases all add up.

That makes it all the more surprising that, according to research by M&S Bank, two in five students don’t bother taking out contents insurance – despite the fact that their possessions add up to an average of £2,132.

Why bother with student contents insurance?

While taking out a student contents insurance policy might seem to be just another expense and an annoying bit of extra admin to deal with at a time when you already have far too much on your plate, it’s important to remember why it’s there. The research revealed that one in ten students have suffered a theft while at university, with an average of £382 worth of possessions stolen.

Freshers’ Week is peak time, with 20% of thefts occurring during students’ first week at university. And when you’re just settling into university life and coping with a lot of change – not to mention expense – the last thing you want is to worry about how you’re going to afford to replace what’s been taken. There isn’t much in your student maintenance loan left after you’ve covered rent, bills and other living costs, so don’t spend it replacing stolen possessions when you could be spending it on socialising with your new friends.

Don’t just assume you’re covered

Whether you’re living in halls of residence or sharing a student house, contents insurance is a must. While there’s a chance that you may have some level of cover provided by your parents’ contents insurance policy, you’ll very likely need to take out extra cover of your own, as not all policies have this feature, and of those that do, the value they’ll cover may not be enough.

Even if you’re living on campus, you can’t simply assume that your halls will have insurance cover that includes theft of your personal possessions. Read into the small print when you sign your contract and you’ll probably find that you need additional cover for specific high-value things such as laptops. For private rentals, your landlord will take out buildings insurance but it’s usually up to you to cover the contents.

The cost of a student contents insurance policy is minor in comparison with the potential expense of replacing stolen possessions – particularly expensive items such as smartphones, tablets, laptops and musical instruments. Take a few moments to calculate what it would cost to replace everything you’re taking to university with you; that’s the amount you’ll want covered by your contents insurance. After that, it’s quick and easy to set up a policy, so speak to one of our local insurance experts today and we’ll help you find the perfect contents insurance for your new student life.