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Students: Don’t forget to insure your contents!

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You’ve probably enjoyed a long, hot summer abroad – or even at home this exceptionally hot British summer – and now September beckons you back to university or an exciting new life there. 

As the excitement of renewing old friendships and making new ones builds to its crescendo and the date draws ever closer, it is probably the easiest thing in the world to overlook something as seemingly boring and mundane as insurance.

Here we’ll explain why it might be worth your while putting excitement on hold for just a minute or too and consider why contents insurance for students could be your saving grace.

Contents insurance

Whether you’ve shown any interest at all in the subject, contents insurance is something your parents are also certain to have arranged as a safeguard against theft, loss or damage to every item in the family home.

Now that’s likely to be quite a valuable collection of contents and you might be telling yourself that your own possessions are entirely modest by comparison.

But what about those favourite clothes and outfits you saved up your hard-earned cash to buy; what about the sound system you expect any room-mate to cast envious eyes upon; and what about that most important tool of your trade as a student, your PC, laptop or tablet? 

According to the student money website Save the Student in an article posted on the 8th of May 2018, one in five students will have experienced a break-in to their room, or an attempted break-in, before they finish their studies at university. You have a one in five chance of getting your things stolen or damaged during an attempted break-in, not to mention the risks of loss or accidental damage to the things you own.

Students’ contents insurance

That’s where specialist students’ contents insurance comes in. It insures all the possessions you take with you to university or college, maintains that cover when you travel or go back home, and gives you the security and reassurance of knowing that sufficient money will be available through an insurance claim if anything gets stolen, lost or broken.

Of course, students’ contents insurance is a more modest kettle of fish than the home contents insurance your parents have. You only have your own possessions to take care of, of course, and like as not these are all more or less kept in the same room. 

Students’ contents insurance reflects your particular needs and circumstances. Indeed, it is often described as room contents insurance – so defining your own living space and the room in which most of your possessions are kept and used.

That also makes it much easier when putting a value on the contents you want to insure. Just estimate the value of everything of yours in the room – and elsewhere in the property in which you are living – and this gives you the total sum to be insured, and therefore the amount you need to pay in monthly premiums. 

The cover you arrange may be on the basis of replacing lost, stolen or damaged items with completely new ones, or – a somewhat cheaper option – or compensation based on the estimated cost of wear, tear and depreciation over time.