Here at Budget Insurance we know how exciting it can be to fly the nest and leave for university. As exciting as it may be, it can also be quite daunting and pretty full on. There’s a lot of preparation to do, such as sorting accommodation, furniture shopping and even planning what you’re going to do for breakfast, lunch and dinner. But one key thing to remember, that can often be overlooked, is CONTENTS INSURANCE!
The last thing you would want is for your possessions to get damaged, broken, or worse; stolen! Follow our guide below to ensure your university possessions are protected just in case anything was to happen to them!
Value your items
Make a list of the things that are most important to you, for example… that expensive watch that you got for your 18th birthday or the handbag that you plan to take out on nights out. Anything that you really value, just make a note so when you come to check your insurance, you’ll know exactly what you want covered. This is also a good ‘possession MOT’ exercise just in case the worst should happen, at least you have an extensive list of your possessions so you can check what is missing and or broken in the case of a burglary or fire.
Check your cover level
Some insurance policies includes cover for student possessions so it may be worth checking what’s already covered under your parent’s main home insurance policy. It may be worth finding the documents and run through each policy cover level. For example, ask your parents to check what your high-risk items are worth and covered for, if the policy has a £2,000 limit, and a laptop is worth £500 then it may be covered, where as an item that’s worth £5,000 wouldn’t be covered. It’s also worth remembering to keep records of purchases and receipts just in case you ever need proof of purchase.
If you have any questions around this, it’s best to give the insurance company a call and speak to a representative.
Check the cover period
Before you buy an insurance policy it is worth remembering that not all policies are the same and you may find that some don’t include cover outside of term-time, ie, the summer holidays. If you’re going home and leaving some possessions at university, there may be some exclusions that you’ll need to be aware of, just in case anything was to happen while you were away.
Quality over price
If you haven’t yet got home contents insurance sorted and need to look for a policy, then the best thing to do is shop around for the deal that suits you. A cheaper policy doesn’t always mean you’ll be covered for what you need, so ensure you read the small print and understand the details especially the exclusions!
Check the excess
A final area to check when taking out an insurance policy for your possessions is the excess. Excess is the agreed amount you will pay in the event of a claim. For example if your bike was stolen and it is worth £300 and your excess is £150, you would only get back £150 when claiming. Usually you can choose what excess you want to pay but just bear it in mind if something was stolen or damaged and you needed to claim.
If you’re staying in halls it may be worth checking with your campus to see if there’s a joint policy that covers the whole building. It may be the case that you have already paid for your share of the cover under your service charge which may be stated in your accommodation paperwork.