Student insurance – what is it and who needs it?
If you (or your child/grandchild) are just embarking on your first term at university or college, you’ll be very aware of how much kit is on the packing list, including some expensive yet essential items like a laptop, phone and tablet. However, when you are facing a significant and exciting new chapter in life, sometimes the mundane can be forgotten and only thought of when it is too late – such as insurance.
Insurance tailored specifically for students can help cover incidences and accidents to these essentials. As with all insurance policies, you really have to think about what you need and check the small print.
Duncan Sutcliffe, director, Sutcliffe & Co Insurance Brokers explains further: “Student insurance requirements differ for those in halls of residence versus shared accommodation – this is down to who has access. So, for example, if you’re in a halls of residence and leave your window and bedroom door unlocked when you go out, you will probably not be covered if something gets stolen. Conversely, you’re unlikely to have a lock on your bedroom door if sharing in non-university accommodation, like a flat or house, so the terms will be slightly different and the property as a whole may need to be secure in order for your cover to be valid.”
Check the small print for accidental cover (like someone helpfully spilling a pint over your laptop in the first week) – and that cover applies outside your accommodation, so if your phone is stolen on the bus to a lecture you will be able to claim for a replacement.
Before you start comparing options and costs: you may already be covered. Take a look at your parents’ home insurance policy as many will automatically extend to include students’ property and possessions or can be extended as an optional extra. You might also find that not only is that option cheaper, the cover may be more comprehensive.
If the whole thought of insurance is overwhelming, then get in touch with us at Sutcliffe & Co and we can chat through what you may or may not need as you begin university life.