Students leaving for university are being urged by the Association of British Insurers to protect their belongings with the correct insurance cover.
Many students will be settling into their new surroundings as they take on a new challenge, but university involves owning expensive items such as laptops, computers, cameras and phones. The National Union of Students has recently reported that the average value of student possessions stands at £2,600 with £1,200 of this figure being electronic equipment.
Statistics have shown that students are around three times more likely to be victims of burglary compared to any other age group. This highlights the importance of being protected by the correct insurance cover should a situation occur where possessions are lost, stolen or damaged.
ABI are offering advice to students to make sure all eventualities are covered. Calculating how much personal possessions are worth is the first thing to investigate and considering if there is a need for contents insurance. Students should then look into taking necessary safety precautions whilst at university, take out a personal policy or check a parent’s policy will cover their possessions and research into the different insurance policies on offer.
Nick Starling, Director of General Insurance, Association of British Insurers commented on the advice offered to students: “Going to university is an exciting time and insurance is usually the last thing on your mind. However, students often aren’t aware that the areas where they live may be targeted by criminals who know that student houses can contain high value portable goods like MP3 players, smartphones and tablet computers.
“By taking common sense measures to safeguard possessions and considering taking out contents insurance for cover, students can ensure they are not left paying a high price if valuables are lost, stolen or damaged.”
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By Amanda Bainbridge