It’s almost that time of year again: Level Results Day.
If you’ve decided that going to university is the next step, then congratulations: the world of halls and private landlords awaits you.
However, new friends and washable disputes, there are things to think about before you move – and protect your belongings.
We know, thinking about insurance isn’t fun, but it’s necessary. How would you feel if your laptop went missing, or your speakers broke at a party?
In fact, new research from Confused.com found that more than half (58%) of UK students are not covered by contents insurance – despite one in 20 having experienced a break-in while at university.
So, as Saga home insurance expert Anna Thunstrom advises, make sure you’re covered by your parent’s or guardian’s insurance policy before you leave in September.
‘Some standard insurance policies can automatically cover students against theft or loss while they are in temporary accommodation, if their parents’ home remains their main permanent address,’ Anna explained.
How much does student contents insurance cost?
According to the Confused.com website, the average cost of student content insurance is £72 per year – a figure based on quotes published between January and March 2024.
Home insurance usually covers items worth £1,000-£1,500 against fire, theft, damage or loss. But this can vary depending on the insurance company and policy details,’ Confused.com’s guide reads.
However, prices can vary depending on where you live, whether you want to insure the item for a higher price, and whether you use it away from home.
‘The average cost of student contents insurance with high-value listed items is £80 per year between January and March 2024. A policy with non-high-value items, which are only used in student accommodation, costs £62 on average. ‘
If so, please note that this only includes cover for items in the temporary home – or when traveling to and from the parent’s address.
But fear not: you can buy your own contents insurance – a quick search on the likes of Compare The Market or Money Supermarket will do the trick.
But as Anna notes, most things will only be covered if the bedroom has a lockable door.
Additionally, leaving a room unlocked in a shared house or flat will ‘usually invalidate an insurance claim if something is missing and there are no signs of forced entry.’
“However, accidents resulting in broken technology, or accidental damage to valuables at a party, for example, are generally not covered by standard policies and require a separate contents policy for accidental damage,” adds Anna.
More generally, Saga’s new research has found that more than a quarter (26%) of tenants are dissatisfied with the response given by their landlord when dealing with problems in their rented accommodation.
Almost two in three (64%) reported being affected by mold and damp (64%), while 53% had problems with maintenance and repairs and 29% with broken boilers.
16% were also affected by gas and fire safety issues – which is, again, the importance of renters insurance.
‘The tenant must test the alarm monthly and replace the battery. If the tenant is responsible for causing the fire, for example, leaving a candle unattended, then the landlord can ask someone to pay compensation,’ Anna explained.
‘Renters insurance offers cover in these scenarios. Renter’s liability coverage can also usually cover the cost of damage to the owner’s property, but most policies won’t cover extensive fire damage. A landlord’s building insurance policy will provide more protection in the event of major damage.’
So if there’s one thing to add to your to-do list before September, it’s the (very grown-up) task of checking your insurance coverage. Your future may thank you.
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