What is Student Home Insurance?
Student Home Insurance is a form of home insurance offered to those who are living in student accommodation and works in much the same way as a standard home insurance policy, although student home insurance has been specifically designed for students.
Home insurance provides protection for homeowners and those renting their home, and will provide finance to make repairs and replacement to any damage or items lost as a result of theft, fire, floods, storm damage, water damage or vandalism.
How does Student Home Insurance work?
Student home insurance has been specifically designed with students in mind, and takes into account the various little parts of being a student that will not work with a normal home insurance policy. Many standard home insurance policies will not pay out if all windows and doors are not locked when the customer is out of their home, but student home insurance realises that many students do not have control over their housemates, and will still pay out in such occasions.
The Student Home Insurance package also takes into account that students will not be responsible for the actual building, and does not include buildings cover as in a standard home insurance policy.
Buildings insurance normally looks after a customer’s structure of their home, and will also insure any external buildings, like a shed or garage, as well as any fences, gates, walls and doors outside of the home. Buildings cover also insures any fixed structures within the home, including a built in wardrobe, kitchen worktops and work surfaces and bathroom suites.
The main part of Student Home Insurance is the contents cover, and this looks after the contents of a student’s bedroom, as well as those left in communal areas of the house.
One of the most important parts of a student’s home insurance policy is calculating the right level of contents cover, and the number of students who underestimate the level of their cover each year is staggering.
Students must make sure they add up the value of their various electrical possessions, like their iPods, iPads, laptops and mobile phones, and should also be careful adding up the value of their clothes and shoes, which could increase in volume and value throughout the year as student loans burn holes in students pockets and encourage them to make more purchases throughout the year.