Content you’re covered? 1 in 4 students risk going to university with uninsured belongings
With thousands of students heading to university for the first time this September, the experts at Go.Compare are warning students, and their parents, to make sure they aren’t starting the first term with belongings at risk.
Go.Compare home insurance analysed 298 home contents insurance policies and found that 1 in 4 (26%) don’t provide cover for student belongings as standard.* While 7% of policies allowed the option to purchase student cover insurance as an added extra, a further 1 in 5 policies on the market (19%) excluded it altogether. With most students taking a laptop and smartphone with them to university, along with tablets, speakers, and more it’s important they have effective and adequate protection for their valuable tech.
Student contents insurance takes into account that students are likely living in a shared space, increasing the probability of damage to their belongings. It’s designed to cover the cost of replacing items if they get stolen or damaged while in a student house or room in halls.
Further analysis showed that 85% of policies include cover for items temporarily removed from the home, although this requires your parent's home to be your main permanent address, with many having time restrictions on how long items can be away from the main residence. And unlike specific student contents insurance, it also won’t take into account that you are living in a shared space.
Searches by students for contents insurance policies reach their peak in September – data from Go.Compare shows searches increase by more than 350%, compared to six months prior.**
Nathan Blackler, home insurance spokesperson at Go.Compare explains why those heading off to university should be checking their policies closely before they start term:
“Seeing a rise in searches for contents insurance each September is a really encouraging sign that students are making sure their belongings are covered before they fly the nest. Whether you are setting off for university for the first time or for your final year, knowing that should anything happen to your belongings you won’t be left out of pocket offers you peace of mind to focus on your studies.
“Don’t assume that a parent's policy will cover you,” Nathan added, “with 1 in 4 policies not offering student cover as standard, many could be left having to replace expensive tech should the worst happen. Check the conditions of any parent's policy to make sure you understand what is already included - this will mean you can purchase the right kind of cover and prevent you from paying twice for the same thing.
“It’s also important to think about the kind of cover you need - as a student, you won’t need buildings insurance as this is your landlord's responsibility. What you do need is a policy which will provide you cover for any loss or damage to your belongings when they are in your accommodation - it’s also worth considering whether or not you want to opt for cover when you are out and about, especially for those who will be taking laptops to lectures. You can usually add this as an optional extra if you need it.”
To find out more about student contents insurance visit: https://www.gocompare.com/home-insurance/student-insurance/.
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Contact Information
Rosie Johns
Notes to editors
Notes to Editors:
*Source: Defaqto Matrix of 298 home contents insurance products in the market on August 28th 2024 - instant and unbiased market and competitor intelligence, from independent financial researcher Defaqto). Percentages are rounded up to the nearest whole number.
** Based on the number of customer quotes for contents only insurance, excluding test results, between 01/01/22 and 31/07/24, where the policy holders employment status is ‘Full Time Education’.
For further information please contact:
Lynsey Walden on lynsey.walden@Gocompare.com, or Kath Chadwick on Kathryn.chadwick@Gocompare.com.
Keep up-to-date with GoCompare on Twitter; @GoCompare
About Go.Compare
Go.Compare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.
It does not charge people to use its services and does not accept advertising or sponsored listings, so all product comparisons are unbiased. Go.Compare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.
When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. It is this approach to comparing products that secured the company an invitation to join the British Insurance Brokers’ Association (BIBA) in 2008, and it is still the only comparison site to be a member of this organisation.
Go.Compare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest and works with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.
Go.Compare is part of Future Plc and is authorised and regulated by the Financial Conduct Authority (FCA).
More information can be found here www.gocompare.com or here https://www.futureplc.com/brands/.