Home insurance for students can be an important investment as they enter the difficult phase of life when it comes to securing their future. It is also a policy designed specifically for students living away form home in either rented accommodation, or in privately owned accommodation which will protect personal possessions against damage, theft or loss. Student home insurance usually doesn’t include buildings cover, but only covers your personal possessions. You can expect your student home insurance to be quite comprehensive, covering the majority of your possessions against any damage or loss. This means you should be able to replace them or repair them relatively easily.
Student contents insurance offers the best peace of mind for young people while they study away from home. While it’s true that most student contents policies offer a wide variety of cover and terms, they are still specific to the type of student you are insuring. For example, all policies will offer you protection from fire, flooding, vandalism and theft. However, there may be different types of cover included in each separate policy for different types of items, for example, all-inclusive student home insurance will normally protect you for all types of damage but may not cover your personal belongings at all. This means that you need to read the policy details and check what it doesn’t cover very carefully.
Another point to consider is how the insurance policy will protect you if your halls of residence suffer damage. If your halls of residence are damaged, not only will your possessions be protected, so will anything left inside. Most student insurance policies will replace your property at no cost, this may not include replacement costs for anything damaged by water or fire. Again, checking the individual policy for these conditions is vital.
When it comes to protecting your personal possessions, there are a few options available. Most student home insurance policies will give you some cover for your personal possessions. Typically this includes items that are in your room and in places within your room such as the wardrobe and cupboards. It will usually also cover the contents of your rooms, again including the wardrobe, but may also include other items such as carpets, bedding, curtains and any communal items such as fridges and shelves. The limits will depend on the individual home insurance policy.
However, the limit of your home insurance policy may be lower if you are living in halls of residence. When renting a room, the landlord is obliged to take out a renters insurance policy on the property. These can be very expensive, especially for students studying full time in their final year of university. Student home insurance should contain a provision to cover the cost of replacing items in your room if they are destroyed. This will be the same for all your personal possessions.
Your insurance should also state whether it will cover your personal possessions while you are abroad on vacation. The majority of landlords and council tenants will not cover you for your possessions while you are away. The cost of travel insurance will vary between providers. Be sure to check the terms and conditions of the insurance you choose to go with to find out what your policy covers.
The price of home contents insurance will be capped at the amount that you have paid for your house. This means that anything above this sum is not covered. Students have a number of different options when it comes to covering their personal belongings. You can take cover that will include the cost of damaged or stolen items and make payments towards replacements. Or you could take contents cover that will pay out regardless of whether you lose any valuables such as jewellery.
Student house insurance is normally limited to a specified amount for theft, damage or destruction of property and will normally exclude liability cover. Liability insurance is an extremely important part of any student insurance policy. Most policies will also come with limits to the total amount for which you are covered. Some policies will also give you a choice of either paying out for damages straight away or having a cap put on the amount for which you are protected.