With a record number of students due to start university in the coming months, there are concerns that many students do not have contents insurance.
A report from M&S Bank, based on YouGov figures, states that 2 in 5 students do not have a policy for their personal belongings. In 2014, the average student took £2,132 worth of possessions with them, while 9% took belongings totalling more than £4,000.
The most popular items to take to university were:
- mobile phone/smartphone (92%)
- laptop (89%)
- kitchen appliances (58%).
It is not uncommon for students to be the victims of crime, with the figures showing that 20% of students are victims while studying. The most common form of crime is theft, with an average of £382 worth being taken.
The Association of British Insurers (ABI) has issued a 5 step guide to help students make sure their possessions are looked after:
- Check your parents current policy as well as the university’s policy to identify any gaps in cover
- Some student bank accounts offer insurance products as part of the package
- The insurance market is competitive so make sure to shop around for the best deal
- Establish the value of your possessions so that any policy you do get will provide adequate cover
- Take safety precautions such as ensuring your room is always locked
Paul Stokes, head of products at M&S Bank, said:
“Heading off to university is an exciting time for any student. In all the excitement of planning what you’ll need, where you’re going to live – which is often away from home for the first time – and your social diary for freshers’ week, insurance isn’t always front of mind.”
Laura Hughes, policy advisor for general insurance at the ABI, said:
“Students often aren’t aware that the areas where they live may be targeted by criminals who know that student houses can contain high value belongings. Make sure you have 1 less thing to worry about by arranging insurance cover to protect your possessions.”
Contact our team today to talk about student finances.
