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Students reminded to insure their belongings

Students reminded to insure their belongings

Category: Home insurance

Updated: 24/09/2013
First Published: 24/09/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Recent research undertaken by Sainsbury's Bank has revealed that the average undergrad has over £2,500 of belongings in student accommodation, but that many don't have suitable contents insurance in place.

It's a far cry from the "typical" student of years gone by. Advances in technology and increased expectations mean student digs are more upmarket than down-and-out – 91% of students own a laptop (with a typical replacement value of £571) whilst 80% own a smartphone, 65% have an MP3 player, 51% own a TV and 32% own a tablet, and that's before counting games consoles, music systems, e-readers and related electronic devices.

Elsewhere in the student home you'll find £431 worth of clothes, £105 in kitchen equipment and £173 in jewellery, not to mention all those course books totting up to an average of £164.

Overall, the figures make for surprising reading – there's an estimated £4.9 billion worth of belongings in student digs, of which between £1.5 and £2.5bn are uninsured.

In fact, 30% of students say their possessions aren't covered by any form of home insurance whilst 13% don't know if they're covered or not.

Happily, some insurance providers will insure the belongings of students living away from home as part of their parents' contents cover, so parents and students have been urged to check the details of the family home insurance policy to see exactly what's covered.

If this type of cover isn't included in a family policy it's important for students to invest in their own cover.

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