As students prepare for university, the Association of British Insurers (ABI) is reminding them to consider the security of their belongings, particularly electronics and bicycles, and to ensure they have adequate insurance coverage. The ABI suggests that students first check if their existing insurance policies offer coverage.
Some student accommodations may already include insurance as part of their package, or a parent's home insurance policy might extend to cover items taken to university. If neither of these options provides sufficient cover, students can purchase separate contents insurance. This type of policy is designed to cover the cost of repairing or replacing possessions that are damaged, destroyed, or stolen, offering a sense of security against unforeseen events.
It is crucial for students to thoroughly review the terms of any insurance policy, paying attention to the total coverage amount and the maximum claim value for individual items. To help with this, creating an inventory of all belongings, including electronics, furniture, and clothing, and estimating their replacement cost can be beneficial. Additional coverage may be necessary for high-value items such as bicycles or for possessions that are frequently taken outside the accommodation.
For students who plan to use a car at university, the ABI also stresses the importance of informing their insurer about the new location where the vehicle will be kept. If a student becomes the primary driver of a vehicle previously insured under their parents' policy, it is a legal requirement to notify the insurance provider. Failure to do so can result in legal penalties.