Students – Don't forget to check your home insurance

11 September 2008 / by Rebecca Sargent
As around 350,000 students prepare to head off to university for the first time, Sainsbury's Home Insurance is urging them to check their home insurance.

According to Sainsbury's analysis, one in four home insurance policies does not cover the possessions of students when they are away from home. And, as the number of students heading to university continues to rise, this is potentially leaving thousands of undergraduates in a vulnerable position.

Of those who are covered by their parent's home insurance policy, 34 per cent will find that their possessions are only covered up to the value of £3,750. Others may find themselves caught out as Sainsbury's Home Insurance has found that 11 policies on the market cap claims relating to student possessions away from home at just £1,000.

And, as students are often victims of crime, this may not be enough to cover for all the expensive electrical equipment including laptops and mp3 players. Sainsbury's Home Insurance manager, Neil Laird, said:

"Unfortunately students are frequent targets for crime so it really is essential that they make sure they have the appropriate cover in place before they go off to college or university.

"Although it may be tempting to forgo insurance on top of all the other expenses that go with being a student, once you've totted up all the possessions you'll be taking, it becomes very obvious that it's something that cannot be ignored."

In fact, M&S Money has calculated that the contents of the average student bedroom are worth £1,650, with £718 of that going on electrical gadgets and appliances. For those unlucky few whose parents have one of the 11 home insurance policies that caps student claims at £1,000, a deficit of at least £650 could mean that the gadgets are not replaced.

Reinforcing what Mr Laird said, head of general insurance at M&S, Steve Price added: "Many students would be surprised to know that their valuables may already be covered – they just need to check whether their parents' home insurance policy covers their property when away from home."

© Fair Investment Company Ltd