A Guide To Student Contents Insurance

Imagine a boy named Nathan is attending a foreign university; he’s had a good day at university, all lectures are done, and he is on his way home. It’s a bright and sunny day. He reaches his student accommodation, and to his surprise, his place has been thrashed, and most of his possessions are stolen. Nathan sure had some bad luck, but we don't wish for you to go through what Nathan did. So it's better to be prepared beforehand. Your possessions are important to you, so you will also need student contents insurance. The policy will protect all your belongings while studying abroad. This guide will give you all the information regarding content insurance for students. 

What is student contents insurance?

Student contents insurance is made to safeguard the personal belongings of students who live in student accommodations away from their homes. This type of insurance protects against losses, theft, or damages that may happen to personal items. However, the scope and terms of coverage may differ depending on the student accommodations and student contents insurance. Whether to get this type of insurance depends on how important protecting their possessions is. Some student accommodation agreements may already include contents insurance for students.

How does Student contents insurance work?

When you're traveling with valuable items such as your phone, camera, or laptop, it's normal to feel concerned about keeping them safe, especially outside your home. This is where student contents insurance comes in handy.

A student possessions insurance policy covers your apartment's contents in case of loss or damage, including items on your university packing list. Your belongings are protected by standard student contents insurance, whether they are in your room or common areas of your student accommodation. The coverage includes protection against theft, loss, and damage from natural disasters such as lightning, earthquakes, falling trees, and water damage. Some policies may also cover accidental damage caused by your own mistakes.  But before you apply for student contents insurance, there are a few things you should keep in mind:

What is a policy excess?

A policy excess is a predetermined amount of money that you pay by yourself in the event of an insurance claim before your insurance policy begins to cover the remaining costs. It is basically the part of the claim that you are responsible for covering yourself. For eg., if your excess is only $30 and your Laptop is covered for $800, you will receive a refund of $770.

A high excess may be good or bad.

You can usually choose how much excess you have. Having a higher excess can reduce the cost of your insurance premium. It is great for students who never misplace their goods and take care of them. However, if you are constantly losing or ruining your items, keeping your excess to a minimum may be beneficial.

Certain items will cost more to insure

Your student contents insurance policy will frequently need to be upgraded to include bicycles, laptops, and other high-value items. Basically, you must carefully read the fine print. 

Building insurance is not your responsibility.

You don’t need to worry about your building’s insurance, as that’s your landlord's job. It's their responsibility to secure all their property contents like beds, couches, and closets.

It’s your job to ensure your belongings.

Protecting your goods is solely your responsibility; Remember that although they may have insurance to cover any furnishings in the home, this most likely won't include your belongings. 

Do students really need contents insurance?

Yes, we would recommend getting student contents insurance for students. It covers the cost of your belongings during mishaps. This type of insurance is relevant for students who live away from home in student accommodations, where there is a higher risk of loss, theft, or damage to personal items. The students may have valuable items such as laptops, cameras, or musical instruments they want to protect, and they should carefully consider the costs and benefits of content insurance before deciding whether to opt for it or not. Don't confuse student contents insurance with building insurance. Building insurance covers structural damage to the property, not the student's personal belongings. 

• The possibilities of theft are greater in the urbanest areas in the student accommodation. 
• Fresher’s week is the most targeted period when theft occurs in student accommodation. 
• Contents Insurance will give you peace of mind while you stay in your student housing. 

• Student contents insurance will cover up to your belongings, which are worth over £3000 on average.

What is the cost of student insurance?

Student contents insurance UK costs around £100 an annum on average. Some insurance companies claim to offer coverage from $20 a year. The insurance cost also depends on various other factors, such as the number of students you are sharing your accommodation with, whether you live in halls, and many other factors. You will have the flexibility to pay the student contents insurance monthly or whole at a time. 

How can I get cheaper student contents insurance?

As a student, earning and managing your finances isn’t easy. You need to do your research and find out which contents insurance for students is giving you more space to save some pennies.

• Compare the contents insurance with the other contents insurance providers.
• Find the best deal for yourself.
• Try to pay annually, as paying monthly will cost you more.
• Read all the rules and regulations of insurance thoroughly. 
• Decide what necessary possessions you need to insure. Do not insure belongings that are not important.

What’s not covered?

Student Contents insurance protects the contents of your lodging in the event of loss or damage. Basic contents insurance will protect your possessions while they are in your home or halls. Normally, this will protect you from theft, loss, general damage, earthquakes, lightning, and water damage. 

• Items of high value worth more than a single item limit 
• Accidental damage to your belongings
• Loss by theft is mainly when you are away from your accommodation with your personal possessions like a phone or a laptop.

Do students need to get a Quote for Student Contents Insurance?

Yes, getting a quote is required for Student Contents which isn’t difficult. Here is all you need to present information on:

• Your insurance type
• Your personal details
• When you wish your policy to start 
• The student accommodation you’re living in
• The item you’d like to include in your contents insurance, for eg, your bike

Are students covered by their parents' contents insurance?

Before purchasing a student insurance policy, it's prudent to verify if you are already covered by your parents' home or contents insurance. Although this practice has become less common, it could lead to substantial cost savings. Some insurance policies extend coverage to students, provided they regularly return home within a specific timeframe.

If you are not currently covered under your parents' insurance, it's worth asking them to inquire about adding you to their policy. This option might prove more economical than obtaining a completely separate policy. However, keep in mind that the deductible (excess) on your parents' insurance may be higher as a result, and if you make a claim, it could impact their no-claims bonus. 

How can I get budget friendly student contents insurance?

As a student, the idea of having to pay a monthly insurance premium can feel overwhelming. It's essential to think about whether you can afford to replace a new computer or phone if something unfortunate occurs. But if you decide that contents insurance is the right choice for you, there are several factors that can influence its cost.

To make sure that you are getting the best value for your money, it's important to accurately assess the value of your belongings when calculating your contents insurance coverage. If you're looking to reduce the policy's cost, you have a couple of options. One approach is to consider opting for a higher excess, which is the amount you agree to pay in the event of a claim. By choosing a higher excess, you may be able to lower your monthly premium. You might contemplate improving the security measures in your home. Insurance providers often take into account the level of security when determining the policy cost. By improving the security, such as installing better locks or a security system, you could potentially negotiate a more affordable insurance rate.

What Is Not Covered Under Student Contents Insurance 

Student insurance typically covers personal belongings against events like theft, fire, and accidental damage while studying away from home. However, certain items and scenarios are often excluded from the policy. Common exclusions include high-value items like expensive jewellery or electronic gadgets, bicycles, and musical instruments. Damage caused by wear and tear or deliberate actions, such as leaving belongings unattended in public places, may also be excluded. Additionally, incidents occurring outside the coverage area or during a period of inoccupancy might not be covered. It's important for students to review their policy thoroughly to understand its limitations and consider additional coverage if needed.

Student contents insurance providers in the UK 

There are multiple providers of content insurance for students in the UK. The insurance will differ from company to company. We will name some of the best contents insurance in the UK. 

1. Hiscox 

Hiscox in the UK provides home insurance to students, which covers all students' possessions. The student possessions that are covered include sports equipment, clothing, smartphones, and laptops. 

• The cost of individual items or the combo of £15,000 is covered automatically through Hiscox UK for home and contents insurance for the students.
• The insurance is for students living in student residences or their homes.
• Specially tailored covers for watches and jewelry.
• The worldwide cover enables you to get insurance for loss, damage, or theft while you move to your home, student residence, or anywhere else in the world. 
• Students who are overseas for their studies also get the same insurance offer while they live in student accommodation as a part of their academic studies. 
• Digital media cover is also provided, covering £5000 for the student in the family. It includes retrieval of lost photographs, digital downloads, and videos. 

2. NFU Mutual

NFU Mutual is also a provider of contents insurance for students in the UK. The main focus of the NFU mutual is home and contents insurance. All the items present in the housing are covered by NFU mutual. Loyal customers also get the benefits of rewards through mutual bonuses. 

• No admission fees for changes in the policy.
• Repair and immediate replacement of the content in case damaged or loss.
• The amount of the home contents insurance can be chosen up to £15,000.
• The personal belonging insurance covers watches, sports equipment, clothing, pedal cycles, photographic equipment, and guns. 
• Your items' repair or replacement costs, including accidental breakage, are up to the specified amount.
• Unauthorized credit card use of up to £10,000
• The cost of repairing, obtaining, or reviving downloaded data on your entertainment equipment and mobile phones, which can cost up to £2,500, is covered.
• Student belongings worth up to £7500 are covered in the Student contents insurance. 

While it may not seem essential at the moment, having insurance for your personal things is important in the long run. As a student, managing expenses can be challenging, but risking the loss or damage of your things can be even more problematic. By choosing the best student contents insurance policy in the UK, you can enjoy your college life peacefully. Don't forget to check out our guide on how to make friends in college. You can also check out our blog on understand varied insurances.