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Daily Insurance Industry News
Monday 21st of May 2018
August 26, 2008

Contents insurance advisable for students

by Richard Kilner

Story link: Contents insurance advisable for students

The NatWest and the Halifax have published surveys revealing that a substantial proportion of students (42% according to the NatWest) will be in part-time employment at the beginning of the academic year.

Weekly spending averages £109 (according to the Halifax), of which accommodation costs are typically £74.70.

The remainder is made up of food, leisure and transport costs.

However, concerns have been raised by Philip Suter of jml-insurance.co.uk that many students fail to take out insurance to cover their personal belongings whilst at university.

The reasoning, Suter explains, is that many simply assume their expensive goods will never be stolen and that insurance is therefore a needless expense.

Students today often have a number of expensive possessions, such as mobile phones, iPods and laptops, amongst others, which have led to insurers HomeLet and Endsleigh offering policies for student tenants.

Should a student’s home be burgled, they could lose expensive designer clothing, computers and other electrical objects worth hundred of pounds, and without proper insurance coverage, the theft will be a dead loss with no compensation.

Although students can be highly mobile, and frequently change where they live, many rental policies are flexible enough to take this into account.

Suter adds that parents should take a lead when it comes to contents insurance for their children, as most will simply not even consider the necessity of taking it out.

 

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