All you need to know about student contents insurance

As a university student, chances are, you may already have a lot on your mind. There are exams to study for, assignments to complete, tutorials to attend, finances to manage and so forth.

The last thing you may be thinking about is getting insurance for your prized – and possibly, costly – possessions – such as your laptop, smartphone, musical instrument, and sporting equipment.

One way to safeguard your belongings is via student contents insurance. But what is it, and do you really need it?

What is student contents insurance?

Student contents insurance typically protects your possessions – such as furniture, clothing, laptops and tablets – from risks, including theft, fire and floods, for students living in halls or rented accommodation. 

Protect your prized possessions. Source: Avel Chuklanov/Unsplash

What does it cover?

Insurance policies will vary, but typically, you can expect it to cover your belongings while you live in student halls or a shared house against usual hazards such as theft, fire and floods.

Protected items may include gadgets, musical or sporting equipments, room or house keys and even rent and tuition, notes online financial product comparison service Money.co.uk. You can add items to insure for an added cost.

What’s not covered?

Common exclusions include theft with no sign of forced entry, break-ins if you do not have an approved lock on your door, cover during term holidays and items over a certain value.

Do you really need student contents insurance?

Regardless of where you live – be it on campus or at a rented apartment or flat – at some point, everyone is at risk of being robbed. Accidents can happen at any given time too.

Being prepared in the event your possessions are lost, stolen or damaged can save you some cash in the long run, as some items are expensive to replace. 

For instance, laptops have become indispensable to students, who use it to study and complete their assignments. The last thing you want is to be caught unprepared in the event your room is broken into, or if your accommodation suffers from water-related damages.

Prices will vary, but you may end up paying less by paying annually, rather than monthly, noted British financial services comparison website GoCompare, as you avoid paying interest.

If you aren’t covered by your parents’ contents insurance, you may want to consider getting one for yourself for peace of mind.