If your child is going away to university, then you’ll probably be thinking hard about the ways to finance their way for three years. Tuition fees have made university an expensive business, and while they won’t need to pay these off until the completion of their studies, things such as setting up a student bank account or getting a student loan are both very important – as is getting a decent insurance policy. One third of students fall victim to burglars every year at university, and with all their expensive gear and frequently rather limited security, it’s no real surprise that they’re seen as an easy target. There’s a number of ways you can arrange insurance for your child through university – just make sure you’re aware of the following options.
There are two basic methods for arranging cover for a child going to university. They can either be included on their parent’s cover, or get their own policy. Also be aware that some universities already have cover in their properties, in halls of residence on or off campus. For instance, the University of Warwick provide wide-ranging cover through Endsleigh, so you won’t need to. However, universities will rarely, if ever, cover for private properties, so you’ll need to get this sorted out if you move into one.
There are many home insurance policies that will cover students while they are away at university, whether they are in private or university owned accommodation. It’s important that you check your existing policy before your child goes to university or gets another policy. If they are included in your policy, then you won’t need to get student cover. If you want a more comprehensive home insurance policy, then take a look at Legal & General for a broad ranging selection of policies.
If your policy will not cover your child while they are at university, then getting tenant cover is recommended if they are going to live in private accommodation. Policies can be very cheap – just make sure you read the small print about exactly what you’ll be getting, and how long the student will be covered after leaving home. There will rarely ever be a need for buildings cover unless the parent is a landlord – this will nearly always be the responsibility of the private landlord.
It’s possible that your insurance policy, even if it’s specifically for students, won’t cover everything. Make sure you know exactly what’s covered, or you could be empty-handed in the event of a loss or theft. The following need particular attention paid to them:
It’s not all about CDs and DVDs anymore; digital content is seeing them off, and it comes at a price. Downloading music from iTunes still costs money, so it’s important to see if this will be covered in the policy.
Not all student insurance policies will cover against bikes. It’s possible you may need separate bicycle cover.
If accommodation will be fitted with burglar alarms and other safety features, then inquire with your insurer to see if there are any possible discounts.