Duvet? Check. Questionable recipe book? Check. Student contents insurance? Hmmm.
In the flurry to get everything in order before carting yourself and all your stuff off to Uni, it’s understandable that arranging student contents insurance sits fairly low on your list.
After all, you’re readying yourself to explore new nooks and crannies in your education you didn’t think even existed while making new, potentially life-long friends.
But before you rush out to grab whatever cover’s going, take a little time out to read our guide to student contents insurance. That way, you hopefully won’t pay for something you don’t need, or worse, don’t have cover in place at all.
What is student contents insurance and who should have it?
Well, who should have it is easy enough as the clue is in “student contents insurance”, but what is it? Rather than a custom-designed cover option, student contents insurance is more often than not an inclusion in a typical contents insurance policy.
In fact, research suggests that 79% of all contents insurance policies on the market cover children while they are away studying.
If you’re happy with those odds, then you can check “sort student contents insurance” off your list and be done with it, right?
Not quite, as there are a couple of things you’d need to check. First off your stuff might be covered on your parents’ or legal guardians’ policy while in your accommodation, or when travelling to and from your uni and home address. So far, so good.
But it might not be covered when you take it outside your flat or house. Which isn’t so helpful if you’re off to the library with your laptop, travelling to a lecture on your bike, or taking your phone….well….everywhere.
For your items to be covered in this instance, the original policy would probably need the added extra of personal possessions cover, and even then, accidental damage cover might not be included as standard. Another thing to check and a potential extra cost onto the original policy.
8% of policies only cover up to £350 for a mobile phone; half the cost of most devices, and some devices are excluded altogether. Suddenly, the simple solution of piggybacking on an existing contents insurance policy doesn’t seem so simple after all.
Will my halls have student contents insurance in place?
Some halls will have insurance in place which protects your stuff if it’s stolen from your room (providing there’s been a sign of forced entry). Which is nice because it’s free, but again, not so helpful if you spill a cup of tea over your laptop in a cafe, or you get back to where your bike was locked and find only a lonely, single wheel.
Can I get insurance through my bank?
Many banks offer perks with their accounts, including contents insurance. But like the existing contents insurance policy you were looking at earlier, things like gadget cover for your laptop and mobile and personal possessions for protection, while you’re out and about, could, and will most likely, need to be added on for an extra cost.
Do I really need insurance before going to uni?
If you’re getting a handle on that next step in your studies, and an even bigger step of moving away from home, do you want to risk having the added, expensive hassle of replacing a stolen laptop or a phone that you dropped in the first week?
Sadly, just over a third of students have had items stolen when in halls or a house share, and if the devices belonging to students are a prime target, fresher’s week is the optimum time. This is why it’s sensible to get something in place before heading off to your new digs.
You’ll either have an item repaired, if it can be and is still in your possession, or replaced wit the right insurance in place. The only thing you’d need to pay is the excess, so whatever avenue you’re going down to get your hands on some cover, check what the excess is. It’s important not to go for a policy where the excess costs more than the item would to replace yourself.
What to consider when arranging insurance
Ask yourself what do you want to cover and how much it’s worth? Don’t assume that because you’re not taking much with you that it doesn’t add up. Insurance can cover all sorts, from your phone to your paddleboard, depending on what cover you take out. For instance, if you are looking at gadget insurance, that’ll be no good for your guitar, or watch, and equally some contents insurance policies might not cover your phone outside unless you bolt it onto an existing policy.
For any policy you’re considering, take a look at the excess, inclusions and exclusions and ask yourself:
- Is the excess more than, or close to the items worth? If so look at choosing a lower excess.
- Does the cover protect your items outside your accommodation? If not, what are the costs of adding this on as an extra?
- How much is each item you’re looking to protect worth? This is an important one, as there are often limits on single items.
Introducing an alternative to student contents insurance
You might be reading this so far and start to see insurance as a bit complicated. We agree, which is why we came up with something simple. Something that’s not contents insurance, but cover that’s flexible, low cost, and made for you and your stuff.
Here’s how an Arma Karma subscription works.
We cover your expensive items – which might be your bike, phone, laptop, jewellery or musical instrument. Essentially, the items that are important to you, which would cost a lot to replace if you damaged them, or they were stolen.
That scenario about the laptop and the cup of tea? We know how that might end – and we’d cover the cost of repairs or foot the bill for a replacement if your mug does spill over your keyboard. It doesn’t matter if you were in your room or at a cafe somewhere when it happens, as an Arma Karma covers your stuff not just in your accommodation, but while you’re outside. We’ll even cover your items if you decide you need a break and go abroad.
So that means no added extra’s on another policy you may or may not be adequately covered with, like a parent’s insurance or basic cover in halls. And it also means that you don’t have to root around for something that will cover things aside from gadgets, and avoid two policies.
Your subscription can be updated with different items – up to five in total – and changed or cancelled with no extra fees, as it works on a month-by-month basis. Much like Netflix, and in some cases cheaper, depending on what you’re looking to insure.
Arma Karma Limited is registered in England and Wales under company number 12002692.
Arma Karma Limited is an Appointed Representative of Innovative Risk Labs Ltd, which is authorised and regulated by the Financial Conduct Authority. Firm reference number 925873.