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Starting university? Here's how to find the best insurance policy for students

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Peace of mind: Make sure your insurance covers your possessions such as phones and iPods when you are out and about on campus

The common dorm room has changed since the days when a student would turn up with a few LPs and books, a record player and a government grant.

More and more students have laptops or desktops, smart phones and cameras in order to keep up with the demands of their education.

Criminals know there’s money to be made from this equipment.

Liam Burns, NUS President, comments that because ‘the nature of higher education means students need regular access to expensive equipment such as laptops and cameras’ they advise all students to take ‘precautions against theft and damage’ to gain ‘piece of mind’ and ensure they are not left out of pocket.

This may be why student insurance deals are popping up all over the web. So how do you decide which one to choose?

For those who choose to buy insurance, there are two options to consider: whether to extend your existing contents insurance or to buy a stand-alone policy.

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Using your existing contents insurance

Some home insurance brokers will offer student cover within their comprehensive or platinum packages, so it is worth talking to your or your parents' provider first as you may already be covered.

If this is not the case, then there is the possibility of covering your possessions as an add-on to an existing policy.

Phil Paterson-Fox, head of home insurance at price comparison website Gocompare.com, says ‘it is well worth checking the cover available as it can mean you avoid doubling-up on cover.’   

However, he adds that ‘it is important that you check the policy terms and the exclusions.’ Some insurers have been known to only cover one student as part of their premium or comprehensive policies, so if you have siblings heading off to university make sure to find out exactly how far your cover stretches.

In 2009 Direct Line published information for students wanting to cover their kit. Parents who already have insurance with them could insure any number of children going off to university to the tune of £5,000 with the same full-cover protection offered to their own home.

Getting a tailor-made policy

The other option is to go through an independent student provider, to get a tailor-made policy. There are now loads of websites that offer specialist student insurance:  Cover4Students.com, Saxon and Endsleigh to name the big three.

These all have options to build your own policy, starting from £18 with Endsleigh, through to over £30 with Saxon, underwritten by Aviva, for their Student Shield policy cover.

Endsleigh is recommended by the National Union of Students (NUS) on their website.

All policies cover accidental loss or damage to your property while in your accommodation. But be careful to read the small print because the cheapest deals tend to leave out the very items you most want to cover, like laptops and cameras.

Different add-ons can be purchased to extend the cover to your person during term time, and while travelling to and from university at the start of term.

Know the terms and conditions

One of the main problems with both of these options is that the small print and exclusions may render your policy invalid if you don’t follow them carefully.

For example, if you leave your door unlocked or a window open, the policy that you so carefully crafted could be nul-and-void.

Phil from Gocompare.com advises ‘having a good look at your existing home cover and comparing it with policies specifically designed for students.’ 

He admits that there is ‘good value cover available’ but it always comes with restrictions and exclusions, so be careful.

Although student policies are advertised as uniquely catering to those at university, they may not be the best solution.

Martin Lewis, of Moneysavingexpert.com, warns students not to get bogged down by the ‘student specialists’. He advises parents and students to not ‘think only companies that advertise to student provide for students.

'There are certainly peculiarities to being a student, but it’s a home insurance policy. The fact that you’re a student is mostly irrelevant.’

He adds, ‘Don’t narrow yourself to the student specialists unless you need to because of peculiarities of circumstance. Make sure your policy is right, and it covers you.’

Gocompare.com has published a list of tips for getting the best policy for you or your child’s time at university.

S

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