Student home insurance

If you’re leaving home to start life at university this autumn, sorting insurance may not be at the top of your to-do list, but you need to think carefully about cover.

As a student on a tight budget, you may be tempted to cut corners on some of your outgoings, but you shouldn't scrimp on insurance for your personal possessions.

One in three students become a victim every year of theft. Mugging, vehicle-related theft and burglary account for the majority of all crimes, according to the latest Home Office British Crime survey.  

Protect your possessions

When deciding which of your prized possessions to take, it’s likely the list will include many of the latest gadgets including a Smartphone, MP3 player, laptop, digital camera, LCD television, mini hi-fi and bike.

In fact, findings from insurer, Aviva, suggest these items could easily be worth around £2,000 – and that’s before factoring in the cost of clothes, shoes and books. Specialist student insurer, Endsleigh, puts the figure even higher, at £2,652.

Given that the cost of replacing valuable goods will take a serious chunk out of a student loan, it really is important to ensure you are adequately covered.

First off before buying your own insurance, it's worth checking if you're already covered under your parents' home contents policy. Many students don't realise their parents' home contents insurance could also provide cover for their possessions.

Standard household policies often cover items "temporarily removed from the home"– including belongings in a student’s room, at their shared house or halls on campus.

Your parents' policy may also cover you for standard perils, such as fire, storm, flood, or malicious damage. It should include theft if someone breaks into the accommodation but do check and don't just assume it does. Also look at the conditions, which can be quite stringent. For instance, you may need to keep them locked up whenever you leave your room or have a lock on the door to your room that complies with your insurer's standards. 

Disadvantages of being covered by your parents’ policy

Crucially, you do need to be aware that where policies do provide cover for possessions either as standard or as an optional extra, the level of cover offered varies significantly between policies – so you must read the small print.

"Often, parents’ policies will not insure you for loss on the move, or in halls and shared houses, unless you have a lock on your bedroom door and entry is forced," says Endsleigh spokeswoman Vicki O’Connell. "Claims made a by a student would affect their parents no-claims discount, and the policy excess is likely to be much higher on a parent policy."

If your parents' policy does not cover you, or you decide to get your own policy, there are plenty of insurers who will arrange cover specifically tailored to your lifestyle. 

Personal belongings outside the home

If you want your laptop, mobile phone and iPod to be covered when you’re out and about, you will need to have additional personal belongings cover.  

On your bike

Students who do not have a car may have a bike, but once again, it's vital to have adequate cover in place. According to the British Crime Survey, bicycle thefts rose to more than half a million in the last year.

Bikes are usually covered as standard when they are kept at your parent’s home or your student accommodation. You might want to consider adding extra bike cover for when you are out and about, as most policies won’t cover for theft or damage to your bike outside your student house or permanent home. 

Tips to protect your stuff

Taking precautions against theft and damage can provide you with valuable peace of mind not to mention saving you hassle.

To ensure you are not left out of pocket at a time when money can be particularly tight; here are a few top tips:

• Remember to lock doors and windows when you go out.
• Don’t carry around belongings you don’t need, as these are likely to be safer locked up at home.
• Keep your wits about you if you’re using your mobile phone or digital camera in the street.
• Keep your bag zipped up at all times.
• Don’t leave valuables in your room in full view; hide them away somewhere safe.
• Mark possessions with the initials of your university and student ID number. This can help police return stolen items to their rightful owner and can make it harder for a burglar to sell on stolen goods.