Students in digs should check insurance

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by Gill Montia

As the new academic year begins and university students begin the trek back to their centres of learning, Sainsbury’s Home Insurance is issuing a reminder about personal possession cover.

The company has researched the home insurance market and found that 25% of policies do not cover the possessions of students who are living away from home.

With an estimated 430,000 households in England and Wales including such students, it is clear that large numbers of young people are risking the loss of their possession with no hope of compensation, while staying in their rented digs.

Student accommodation is a favourite for burglars because it is often unoccupied for long periods and in the case of a shared house or flat, a thief is likely to find a treasure trove of consumer goods that are easily sold.

Where students are covered by insurance on the family home, the research reveals very different levels of cover.

Thirty-four per cent of standard policies capped cover at £3,750 or below, with 11 of the policies examined paying out £1,000 or less.

The value of a typical student’s possessions can run into thousands of pounds when laptops, PCs, iPods, entertainment systems, digital cameras, mobile phones, jewellery, sports equipment, textbooks and bicycles are taken into account.

Sainsbury’s Home Insurance Manager, Neil Laird, advises students to check their parents’ contents insurance policy to see if “away from home” cover exists and then decide whether it is adequate.

Once back at college or university, the focus should be on security measures that can reduce the chances of a burglary.