Statistics have shown that robberies of student possessions have been increasing in recent years. These cases are happening most often in university halls and shared houses. How can you protect your belongings from being stolen? What would you do if your most valuable possessions were taken?
It’s a sad fact that students are the target of theft. It’s hard enough going out on your own for the first time, only to be faced with the possibility that all your things could be stolen. It happens to many students who end up with their essential devices being stolen. Robbers have come to find it’s easy to steal from freshers, especially.
How can you keep your possessions protected? One way is to buy student contents insurance. We understand you may see this as something that’s too expensive. However, what’s more expensive is falling prey to thieves who take your expensive gear. Without insurance coverage, you’re stuck having to pay out of pocket to replace the stolen items. This makes student contents insurance worth the price.
In this article, we’ve put together some tips on how you can find cheap student contents insurance. Let’s get started!
Do Students Need Contents Insurance?
According to statistics, the answer is a resounding yes. We do have some good news—there’s a possibility you may already be covered. This is because many university halls offer a basic type of insurance that’s free.
This type of basic student contents insurance covers the bare minimum, however. The range of items covered is limited, and the items must be in your room when stolen, with windows and doors secured.
So, if you leave your laptop or other devices in a communal area, and these are stolen, this basic insurance may not have you covered. And if there’s no forced entry into your room, you may not be covered.
Do Parents’ Contents Insurance Cover Students?
It is possible that your belongings may be covered by your parents’ contents insurance policy. If so, this could save you some money.
While not as common as they used to be, some contents insurance policies do cover students, as long as they return home regularly (once within a specific time frame).
If you’re not currently on your parents’ policy, then you may want to ask your parents if they could call their insurance provider and see how much it would cost to add you on. This is definitely cheaper than paying for your own student contents insurance.
One thing to keep in mind is that your parents’ insurance may become more expensive by adding you on. Their no-claims bonus may also be affected if you have to make a claim. So, be sure to discuss these risks before they add you to their policy.
How Does Student Contents Insurance Work?
This type of insurance policy protects your possessions (content) from theft where you live. Most basic policies will cover your possessions only when they’re in your house or halls. This means your things are protected from loss, theft, natural disasters, water damage, and more.
However, if you’d like to protect your possessions outside your hall/house, then it will be necessary to pay for an additional layer of protection. This means your things are protected when you’re out and about. This type of policy can protect your valuables—phones, laptops, and more.
Things to Know About Contents Insurance Policies
Here is some information that you need to know before buying student contents insurance.
1). What is an Insurance Policy Excess?
The excess is the amount you agree to pay if you need to make a claim. The excess will be deducted from your payout. For example, if your laptop is covered for £1050 and you have an excess of £25, you’ll receive a payout of £1025.
2). Watch Out for a High Excess
In most cases, you can choose how much your excess will be. Remember, the higher your excess; the lower your premium will be. In case you’re not familiar with the term “premium,” this is just a word that means “the cost” of your policy, which you pay on a monthly basis.
A high excess can be good for people who never lose their things and are good at taking care of their possessions. They have a lower risk of needing to make a claim. This is also good if you know you can afford to pay a higher excess without hurting your finances.
For those who are not as careful with their things or who are prone to losing and damaging their possessions, then it’s best to go with a lower excess. This is also the best for people who have a tighter budget.
3). Some Possessions Cost More to Insure
Some very valuable possessions will cost more to insure. For this reason, it may be necessary to add these on top of a student contents insurance policy. The policy, in most cases, will also pay for accidental damage by you but not caused by others.
4). How Much Does Student Contents Insurance Cost?
Student contents insurance can cost anywhere from £1.85/month and up. However, the cost depends on a variety of factors, such as where you’re living (in halls or a house), how many people live in the house, and more.
You can expect to pay at least £100 a year for student contents insurance. In the next section, we’ll share tips on how you can save money on this type of insurance!
How to Save Money on Student Contents Insurance
Here are the promised tips on how you can save money on student contents insurance!
Comparison shop: the best way to find the cheapest insurance is to comparison shop. Get as many quotes as possible, and be sure to compare the policies, too.
Haggle for a better price: it’s OK to haggle with insurance providers. And if you find a better quote with another company, then use this information when talking with the next insurer. Let them know about the better deal, and they may try to match it in order to get your business. That’s OK! Just make sure the policy fits your needs.
Decide what to insure: decide which items really need to insure. These would be items that are costly to replace.
Take care of your belongings: make sure to take care of your belongings. Remember that if you need to make a claim, it could cause your premium to cost more.
Pay upfront: if possible, pay your contents insurance premium annually, which means all at one time. This is a great way to save money, as monthly payments are usually more expensive.
Read the small print: know what your insurance packages cover and pay attention to the small print.
Pay for contents insurance online: this is another way to save money on your premium. Many companies offer lower insurance prices if you pay online.
We hope this article has helped you learn about student contents insurance and how you can get a cheaper price on your premium!