Rather than taking out a separate insurance policy new students should consider adding their belongings onto their parents' contents insurance.
According to insuresupermaket.com a number of big insurers such as Norwich Union and Lloyds TSB allow students to add their possessions onto their parents' insurance for no extra cost.
The policies, which normally only apply when a student is living in a halls of residence, typically offer cover for 15 per cent of the total sum insured by the contents policy - £5,000 on an average £30,000 policy.
Richard Mason, director of insuresupermarket.com said: "Students can now rest assured that getting their possessions insured whilst they are away from home won't cost the earth.
"In fact it won't cost at all if they take out cover on their parents home contents policies. 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."To read more about insurance, click here.
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