Insurance guru Adam Powell from Policy Expert recommends that before you fork out for any specialist student insurance – check your parents’ home contents insurance policy.
Your possessions may already be covered under their policy, so you might not need to buy any additional cover. If you normally live with your parents outside of term time, your possessions could be covered under ‘contents away from the home’ within their existing policy.
There will probably be a maximum limit for each individual item that’s covered, which is normally around £1,500 – but could be less.
Powell warns that there may also be caveats around specific items such as an expensive laptop and certain circumstances (e.g. communal areas) – so make sure you check the policy wording carefully.
Some insurers might specify that belongings are kept in a locked room and may only cover a claim if there’s evidence of forced entry.
If a high-value item goes missing outside your accommodation e.g. from a coffee shop or library, you probably won’t be covered under your parents’ home insurance. For more comprehensive cover, your parents may need to add personal possessions insurance onto their existing policy.
You can buy stand-alone Home Insurance for Students – but this often works out as a more expensive way of doing things.
Your student accommodation might already have a basic level of contents insurance in place. Around 80 universities have this core cover – so it’s worth checking if yours is one of them. Normally, this will only be a basic level of insurance, so make sure you know exactly what’s included.
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