It’s that time of year when thousands of students say bye to their parents and look forward to starting their new life at university. This is all well and good but how many of them will be insured?
The problem of student accommodation being burgled has been highlighted over the past year. For many students this will be the first time they have lived away from home and they will not realise that they have to take adequate steps to secure their possessions.
On average a student’s room will contain a TV, stereo, a laptop and other electrical items, providing a haven for thieves.
Students are known for their social life as well as their hectic study timetable. This means that student houses are buzzing with activity and people coming and going. It is therefore a great opportunity for a thief to walk in and help himself.
According to Endsleigh, a third of all thefts in student houses are walk in thefts.
The British Insurance Brokers Association (BIBA) revealed that the average payout for a student related burglary is £900. Even so, only 40 per cent of students have their possessions insured.
Peter Staddon, head of technical services at BIBA said, "With the growing cost of being a student, we are concerned that it is increasingly tempting for students to try and save some money by not insuring their belongings. However, given that as many as one in ten will be burgled, this is a false economy."
Students may not have to go to the trouble of getting their own insurance. They may be able to get cover on their parents’ home insurance policy. Many insurance companies now allow children to use their parents’ cover, but the cover may be limited to £5000. The companies include: More Than, Lloyds TSB, Direct Line, Norwich Union, Tesco, Esure and Saga.
Richard Mason, director at www.insuresupermarket.com says, "It's easy to do and will save much needed cash at a time when budgeting is impossible and there's no spare cash in the wallet."
But if you can't do this, there are numerous policies that offer cost effective cover so you must shop around to find a good deal.
BIBA suggests that students need to take steps to protect their property. They advise changing locks on windows and doors if they are not adequate. Valuables should not be left near windows and communal areas, so reducing the temptation for someone to steal. Lastly, they suggest using an ultraviolet pen to put your name and address on expensive items so they can be identified as belonging to you if they are stolen.
Students don't skimp on insurance cover
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Students don't skimp on insurance cover
Tue, 04 Oct 2005
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