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Why new insurance is ‘unnecessary’ for students

Why new insurance is ‘unnecessary’ for students

Why new insurance is ‘unnecessary’ for students It seems a little unusual for an insurer to suggest that potential customers don’t need insurance – but according to new NFU Mutual research, most students don’t.

That’s because “four out of five students are already covered under parents’ insurance”, according to the rural insurer.

So, as students head to universities across the UK this month, taking a host of expensive items with them, including tablets, TVs and smart phones, parents can check whether their existing home contents insurance already covers their most treasured possessions.

While highlighting that its own policy offers limits up to £7,500 on student belongings, NFU Mutual also notes that 78% of home insurance products also cover student belongings as standard.

“With the average cost of tuition fees now around £26,000 for a three year course, everyone knows that university is more expensive than ever before,” said Ross Garner, home insurance specialist at NFU Mutual. “The last thing most students need is to incur further costs insuring their items when it’s most likely they’re just moving out of home for the first time.

“Out of all home contents policies on the market, around four in every five provide some cover for student possessions as standard, but it’s worth checking the amounts insured too.”

In addition, the insurer offers five top tips for safeguarding student belongings:
  1. Mark belongings to help track them in case of theft and take photos of anything expensive in case you need to make a claim
  2. Check the security of accommodation and raise any concerns with the landlord or halls of residence
  3. Be particularly careful when sharing accommodation as insurers typically pay theft claims when there is forcible entry into the room
  4. Make sure valuables are not left in full view if leaving them in your room when you go out
  5. Call Crimestoppers on 0800 555 1111 if you see anything suspicious

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