If you’re heading off to University this year, you probably haven’t even considered the need for insurance for your personal goods. Well, we hate to put a downer on things, but did you know that young people are three times more likely to be the victims of burglary and that one in three university students are the victims of crime each year?
It means that getting insurance for your possessions is going to be an essential aspect of student life. Don’t assume that your belongings are covered by the landlord of a rented property –they usually aren’t. And whilst some insurers will add students to their parents’ contents policy, it’s not always the case and it’s often restricted if they do. In fact, it usually works our cheaper for students to get their own insurance cover – and if you share accommodation, each of you should take out your own individual contents policy.
Now, you may not think you’ve got much to cover. But could you really afford to shell out for a new laptop, mobile, iPod, TV or games console if it was stolen? Recent research has found that the average student has possessions worth over £4,000. So insurance is a must! Your contents insurance should cover your possessions against loss or damage caused by fire, theft, vandalism, storm, flood and burst pipes. You may be able to choose specific items only to insure – like your computer – but remember that the value of all your other stuff can add up to a lot of dosh too.
Now, here’s the tricky bit. Lots of students have a bike or musical instrument – sometimes both – and some policies won’t cover these valuable items, so check! You also need to check if your possessions are covered during the holidays – some policies will only cover you for term-times. If you’re going to be in halls of residence or shared accommodation, you might need to ensure that you’re covered for ‘walk-in theft’ as well. Most student insurance policies exclude this, so it’s worth extending your cover.
Of course, another thing to think about is self-storage. If you’re not covered by insurance during holidays, it’s a great way to stash your stuff until term-time rolls back around. You could even get together with friends or housemates to rent a self-storage unit together for all the things you don’t want to leave in your accommodation or lug around with you. So bikes, books, TVs, even just your personal household stuff can all be stored safely and securely until you’re ready to pick them up. Take a look at our latest offers for student storage and our Oxford self-storage facilities, and follow us on Facebook for some great storage tips and student offers.