Heading to university? Don’t forget insurance! | moneyfacts.co.uk

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Published: 22/08/2016

In all the excitement of university and the rush to get things like loans, accommodation and books sorted, it can be easy to overlook some of the practicalities such as insurance. However, this can be a costly mistake, as the Association of British Insurers (ABI) warns.

Pricey possessions

The ABI says that the average value of possessions that students take with them to university clocks in at £3,500, with things like laptops, smartphones and TVs being vital parts of student life. It's easy to see how the cost can ramp up, and with all those pricey possessions often kept in one room, it's even more important to be prepared.

Indeed, data shows that around one in five students are likely to be victims of theft during their university years, so doesn't it make sense to have suitable financial protection in place?

"Starting university can be both exciting and daunting," said Mark Shepherd, ABI's manager of General Insurance. "While there's no insurance against overdoing it during Freshers' Week, a policy covering your possessions can make a big difference if you're the victim of crime.

"There's a lot to plan for and look forward to as you get ready to start university, but it's worth thinking about how you'd cope if you lost your phone or had your laptop stolen. Most of us have gadgets we don't want to be without, so it pays to plan security measures and get insurance in place before you move into your student accommodation."

Sensible steps

Arranging the right kind of insurance needn't be a hassle. In some cases it may even be possible to extend an existing home insurance policy to cover possessions at university, and some halls of residence may already have a basic form of cover in place.

However, if neither of the above is applicable – or if they don't provide a suitable level of cover – it's vital to invest in your own student insurance policy. This is a specialist form of cover but many insurers are able to offer it, so make sure to do your research to find the right deal for you. .

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