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The importance of students’ content insurance

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The end of September, we are reminded by a story in the Sun newspaper on the 17th of September, is traditionally the time for Freshers’ Week – which often extends into a fortnight – until the more serious business of academic work is supposed to start.

What’s more, a report to parliament on the 17th of July revealed that this year’s intake sees student intake at an all-time high.

With the large majority of that intake living away from home for the first time in their lives, it may be surprising to discover how few of them have protected their possessions and belongings with contents insurance – whether they will be living in formal halls of residence or off-campus private sector accommodation.

More than a quarter (27%) of students have no contents insurance at all – to protect themselves against such disastrous mishaps as the theft, loss or damage of highly-prized items such as their computer or laptop, smartphone, tablet, or music system.

These facts alone may be surprising enough, but it is all the more startling to discover that the value of the average student’s possessions while at university or college is £3,259, revealed the Express newspaper on the 12th of August. The value of the average student’s possessions has increased by around 49% in the space of just two years.

How contents insurance may help

Just as for any other householder, contents insurance for students protects all their belongings against loss, theft, and damage – everything for the clothes you wear to the computer you use for your academic work (though you’ll need to have backed up the precious data, since no insurance in the world is capable of replacing the work you’ve done).

With those expensive gadgets and devices such as smartphones and computers, it is also worth registering the serial number, make and model with Immobilise – the UK National Property Register – which is used by the police to help track down and retrieve stolen goods, making it easier for them to return them to you.

To get some idea of your chances of being burgled, head over to the Complete University Guide, which has collated a number of statistics for crime in all the major university and college towns in the UK – in many of which you have at least a one in a hundred chance of a break-in.

Are you a student?

If you are in any doubt about how important contents insurance may be, just ask your parents – everything you have at home is likely to be protected in this simple and cost-effective way. Since you are likely to have only a tiny proportion of all the things owned by your parents, though, the premiums you pay – even on £3,000 worth or more of possessions – is likely to be a fraction of the contents insurance at home.

You are in the even more fortunate position of finding that the cost of contents insurance, in general, stood at a record low at the beginning of this year, according to research done by the Association of British Insurers (ABI).