In late September 2014 there will be the yearly migration of UK school leavers flocking to student cities around the country with all their worldly possessions in tow. It’s an exciting and nerve-racking time for even the most confident teenager. I’m sure, they’ll make new friends over eventful evenings, but it’s not that they ought to be worried about. Any sensible student should be thinking ‘now I’m fleeing the nest, mummy and daddy aren’t here to protect me…what if I lose my i-pad?!’.
Back in the comfort of the family home, there is not a care in the world about what would happen if one of their numerous electronic gadgets was damaged on the kitchen table from a spilled glass of squash, as they know their parents will have it covered under the home insurance.
Even with the increased university fees, these days most students are not living below the poverty line. Endsleigh Insurance conducted a survey this year which showed that students are more likely to have a flat screen TV than a bicycle and around £4,500 of possessions (£3,000 of which is electronic equipment)! Student insurance policies are normally comparatively expensive for the covers they provide however, if said student is lucky enough to have parents with a comprehensive High Net Worth home insurance policy, their policy will cover the possessions while away from home saving the cost of having an additional policy.
Students are 60% more likely to make an insurance claim
For those returning to university for continued study, moving into a student house poses its own problems. Far from the worrying if the house will feel like the North Pole come mid December, they should be starting to think more seriously about security. I, myself was burgled as a student – luckily I only had a few coins taken and didn’t have to claim. For the majority of student insurance policies, the property needs to adhere to the minimum security standards (key operated window locks, and 5 lever mortice locks on final exit doors), but for some you also have to be able to lock your bedroom door for the policy to be valid.
Standard Home Insurance policies will be unlikely to cover student possessions away from home as they often include endorsements like ‘items need to be kept in a locked room’ whereas High Net Worth policies can be considerably more flexible.
Either way, make sure you consider all the options, a small fee now will save you a lot of money should you lose or break something important!