Yet sadly young people are three times more likely to fall prey to being burgled, with one in three university students a victim of crime each year. More so, university students have so many new things to think about and consider – taking out insurance often isn’t one of them.
What does student home insurance cover?
Student contents insurance typically covers your possessions (from your clothes to your laptop) against theft, flooding, fire, vandalism, and burst pipes whilst living away from home. Each insurance policy will have a specific limit – the monetary amount you can claim back each year - so make sure when comparing insurance cover that yours is adequate to cover your belongings.
As you are likely to be renting, you need contents insurance only, not buildings insurance too. This is because your landlord – whether private or the university itself – will be liable for the building itself, so they are the ones who need buildings cover.
Will all my belongings be included in content insurance?
Most will be, but you may own additional, expensive items that are not typically included within contents insurance – such as a musical instrument or a bicycle.
When comparing quotes, you’ll be asked to enter any added items separately. If you’ve already got cover, speak to your insurer to check whether these items are included – if not you can then get them insured as an extra.
Am I covered by my parents’ or landlord’s home insurance?
Students in rented accommodation often think their possessions are covered by their landlord, or even by their parents' home insurance. This is possible, if you are living in university halls of residence – BUT this isn’t always the case.
Policies vary depending on the insurer – some will cover kids in university accommodation, some won’t. For those that will, you may need to request for the cover to be activated, and it can often come with restrictions. Plus any claims made can affect the parents’ no claims discount in future years.
It may also work out cheaper for students to take out their own contents insurance. The best course of action is to speak to the existing insurer, to check the cost and find out any important need-to-knows.
Private landlords will not provide cover for your possessions, however they will cover your buildings insurance.
What about university campus cover?
Most first-year university students will be staying within the university’s halls of residence, and many universities do provide some insurance for their students on campus. However, the level of this cover varies and may have some important restrictions.
For example, insurers might only provide cover for theft via a forced entry, and some items (such as a bicycle) might not be included. Check with your university to see what level of cover they provide, before deciding if you want to take out your own policy too.
It’s also worth doing a bit of prior research before moving to your university destination. We’ve made it easy for you to find out the local burglary statistics of areas around the UK with our handy burglary hotspots tool.
How to save money on your student home insurance
Visit endsleigh for student contents insurance
We want to make it as easy as possible for you to find the right student contents insurance policy, so as Moneysupermarket doesn't currently offer these specific policy types, we've teamed up with Endsleigh. Endsleigh has nearly 50 years of experience and is the sole insurance provider recommended by the National Union of Students.
Effective security can cut your premiums, so check that your landlord has installed suitable burglar and fire alarm systems and ensure all windows and doors are properly locked before leaving the house.
Most policies include a compulsory excess. If you choose to increase the excess, you will usually pay a lower premium. Just make sure you could comfortably afford to pay the excess if you needed to claim on your policy.
Understanding your student insurance cover
Insurance can sound complicated, with lots of jargon – and it’s especially difficult if this is your first time buying it. So we’ve tried to break down some of the key terms for you:
- The excess – this is the amount you agree to pay to support your claim. For example, if your laptop is stolen and is covered for £500, you might have to pay an excess of £100. You would then receive pay-out of £400. The higher the excess you choose to pay, the lower your monthly payments will be.
- No claims discount - If you can avoid making any claims, you can build up a no claims discount (NCD) which is applied in future years – this can knock a big chunk off your premiums.
- Paying upfront – you’ll have the option to either pay for your insurance monthly or as one lump-sum. It does often work out cheaper to pay up-front; however, many insurers do not charge students any extra to pay monthly as long as the annual premium is above a certain amount.
- Walk-in theft. This is when an item is stolen, but with no traces of a forced entry. If you’re sharing accommodation with a number of people, it’s definitely worth considering this insurance add-on.
- Building insurance – this is something you don’t have to worry about. Any landlord you rent from is legally required to have this in place, meaning should there be any damage or destruction to the home (that you are not liable for) you will be covered.
- Additional extras – as mentioned above, you can add extra cover to your insurance policy. Examples of this are protection for accidental damage, loss or tenants liability cover.
- Joint possessions insurance – if you’re sharing with friends or other students, it may seem logical to get joint cover for your household. However joint policies for students are not very common as they can be a hassle for both you and the provider.
- Exclusions – every insurance policy will come with some exclusions, that means events or items the insurance doesn’t cover. Make sure you’re aware of exactly what you are and are not covered for.
For example, check to see if you’re covered over term time should you be returning to the family home; or if your entire room’s contents are covered rather than just one item.