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Student home insurance neglected by 34%

23 September 2009 / by Andy Davies

One in three students does not have any home insurance to cover the cost of their belongings while at university, according to research by Sainsbury's Finance.

Sainsbury's has estimated that the average undergraduate has more than £3,500 worth of possessions, which most commonly includes laptops, TVs, and mobile phones, as well as university essentials like course textbooks.

Meanwhile, in addition to 34 per cent of students having no home insurance, a further 10 per cent of undergraduates have admitted to not knowing whether they have insurance or not, which means there is a potential £573million worth of uninsured items lying in student accommodation.   

Concerned by these figures, Ben Tyte, Sainsbury's home insurance manager, said: "With an estimated one in three students falling victim to some sort of crime each year, it's worrying that so many students go off to university without any insurance cover in place for their possessions."

It is estimated that 475,000 households in England and Wales have students who are studying away from home, and Sainsbury's is urging parents to check if their home contents insurance will cover their child's belongings in the event of loss, theft or accidental damage.

Mr Tyte continued: "Before splashing out on insurance, students should certainly check to see if their parents' household contents insurance policy might provide cover whilst they're studying away from the family home, and also to check that this cover will be adequate should they need to make a claim."

In addition to protecting themselves with student home insurance, they are also encouraged to minimise the risk to their belongings by taking simple measures such as checking windows and doors are locked before they go out, and to mark belongings with university initials or student ID numbers to make it harder for burglars to sell on stolen goods.

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