The Student Hut Guide To: Insurance

Jamie Moroney on 23 May 2019
The Student Hut Guide To: Insurance

Around a third of students have been the victims of some kind of robberies during their time at uni. Here's a few handy tips on how you can protect your possessions without breaking the bank!

Let’s be honest, getting yourself insured is never going to be top of your list of exciting things to do. But just because it’s not fun doesn’t mean it’s not important. If you’re off to uni then you should think about getting insurance. Student houses are apparently three times more likely to be burgled than the average house, so with those odds, it’s probably worth it.

What do I need to know?

There’s a lot of jargon involved with insurance which can sometimes make the whole thing seem a lot more complicated than it needs to be. So as our gift to you, we’ve got a list of the terms you will probably encounter when trying to sort out your insurance and what they actually mean.

Contents - All the stuff inside your house that you would take if you moved out. (Clothes, TV, Computer)

Premium - How much the policy will cost

Excess - The amount of money you pay in any claim. The higher your excess, the lower your premium.

Single article limit - This is the maximum amount that one item can be covered for on your home insurance policy. The single article limit value is set by the insurance company.

Is all insurance the same?

In short, no. There is a distinct difference between, for example, building insurance (something your landlord should have) and contents insurance (something you will need). And as we said in the definitions above, contents insurance basically will cover you for all the possessions that remain in your room, but crucially don’t cover you for things like laptops and mobiles as they are used everywhere.

So, what insurance do I need to get?

The insurance you should be getting is specialist student contents insurance as that protects all the items within your room from all the standard stuff as well as accidental damage. In many cases student insurance also protects you from jointly incurring costs of other people’s mistakes, e.g. one of your housemates leaves the door unlocked and you all get burgled.

However, it doesn’t cover gadgets so you will probably also want to get them insured, either by including them as an extra in your existing insurance plan or by taking out separate gadget insurance (which can sometimes work out cheaper).

To hear what current students think about their insurance providers, why not head over to our review section or check out our Best for 2019 page.

What about things like my bike?

Unfortunately, these aren’t included in contents insurance either, but like gadgets can be added on to an existing plan, this will increase the cost though! Also, remember that in order for your insurance to be valid your bike needs to be secure. So we suggest investing in a good quality ‘D’ lock and keeping the bike somewhere safe at night.

Am I covered on my parents’ insurance?

You might well be covered for some of your items under your parents' insurance plan so it’s definitely worth checking. However, these plans won’t cover everything in which case you will probably still have to get your gadgets insured.

Am I insured if I live in uni halls?

Yes, you should be! Most halls have some basic level of insurance included in the price of your rent. This will have you covered for all the stuff in your room but won’t protect you outside of that. It also won’t cover you for any accidental damage that may occur and even the most cautious of us can still be prone to a coffee spill over our laptops.

How much should I be paying?

Some companies claim to be able to offer insurance for as low as £1.50 a month but it can really vary, as a general rule if you are paying more than £100 a year to protect your stuff then you are probably paying too much.

How can I avoid paying too much?

Do you research - compare the prices of insurance plans, there are plenty of different plans around so find the one that suits you best.

Ask is it worth it? - if you have a crappy old phone then is it really worth insuring? It wouldn’t probably make sense to insure it.

Pay upfront - If you are able to part with a bigger sum of cash once a year, it will work out cheaper than if you pay monthly.

Get familiar with the Terms and Conditions - find out what you are covered for and what you aren’t. The worst case scenario is that you only find this out after something is stolen or broken.

Barter - you will probably have compared the prices somewhere already but you may be able to get a better deal from a certain company by telling them about a competitors

Pay online - insurance providers often put their best offers exclusively online.

Most importantly look after your stuff, if you keep your valuable items safe and secure at home and aren’t particularly clumsy then hopefully you won’t need to claim on your insurance. The more times you claim, the more expensive it will become to insuring yourself next time!
To hear what current students think about their insurance providers, why not head over to our review section or check out our Best for 2019 page.
Jamie Moroney
Jamie Moroney on 23 May 2019