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Having insurance can really help to protect your wealth and money, in the short and long term. 

Mark Shapiro from Endsleigh Insurance, the UK’s leading student insurance provider, explains:

  • What insurance is
  • Why insurance is important 
  • What insurance can cover
  • Tips to help keep your stuff safe
  • Tips for keeping your accommodation safe 🏠

 

What is insurance?

Insurance is a bit like having an undo button when things go wrong. It can cover you against financial loss if anything you own is damaged, lost, stolen or ruined. 

This can include a laptop repair, getting a new phone after it’s stolen or replacing your fridge contents if your electricity goes off and all your food is ruined. Without insurance, you’d have to pay the full cost of replacement/repair, but insurance could mean you only have to pay a small part of the cost (on top of the monthly/yearly insurance fee). 😌

 

Why is insurance important?

If you added up the value of all your things (including phones, laptops and other things), the total value would likely be thousands of pounds. Plus, damage to phones, laptops and headphones is very common, while phones and bikes are unfortunately stolen all the time. 😕

Despite this, only a small percentage of students have insurance cover. 

Imagine you damage something that’s a key part of your university life (either your social life or your studies) – what are you going to do? 🤷‍♀️ Rather than risk missing out socially or not being able to complete your work, it’s a good idea to consider insurance to protect yourself. 

 

What can insurance cover?

No two insurance policies are created equal – every person’s cover will vary based on their circumstances and the company they take out insurance with. 

It’s vital to check your cover before buying. Make sure you understand what’s covered, what’s not covered and carefully read terms and conditions. All insurance policies will have T&Cs and usually will make these clear. For example, an insurance policy might cover your items while you’re in your uni house but you might not be covered if you lose your laptop while out on campus or anywhere else. 

In many cases, you’ll be able to personalise your insurance plan, based on your needs. Here are a few ideas of what to include: 

  • Cover for theft, accidental damage (including liquid damage and cracked screens) and mechanical breakdown
  • Cover if you lose an item (isn’t always automatically included)
  • Unlimited repairs ♾
  • More than one theft/loss claim per year (per gadget) 
  • No tie in: monthly rolling cover rather than a yearly contract, giving you the option to cancel anytime
  • Discounts for insuring multiple devices 
  • Worldwide cover: so you’re covered abroad 🌎

 

Keeping your stuff safe

Apart from insurance, there are other things you can do to increase the security of your items. Here are a few tips: 

  • Use apps to track your phone and laptop in case they go missing (even if you’ve automatically got these on your phone, make sure they’re set up correctly)
  • Lock windows and doors whenever you leave your room 🔑
  • Don’t leave valuable items unattended when out and about: if you need to go somewhere for a minute, ask someone you trust to keep an eye on your stuff
  • Keep valuables out of sight in your room: it’s very quick and easy to put valuables under your bed or in a cupboard but will make breaking in less tempting to anyone passing by that looks through your window
  • Invest in a strong bike lock: get the best one you can afford, to put thieves off 🔐

Here’s a video covering these points:

 

Tips on keeping your accommodation safe

  • Lock all windows and doors before leaving home: contents insurance that covers for theft DOESN’T cover theft where the thief gains access through an open door or window
  • Keep your keys safe: don’t leave them too close to the door so a thief could reach them for easy access 
  • Don’t leave emergency keys outside: it’s best not to leave a key under the doormat or in a flowerpot 
  • Cancel deliveries if you won’t be home: a package pileup is a sign you’re not home, and probably haven’t been for a while 📦
  • Make sure you’ve got insurance: good idea to make sure your gadgets and belongings are protected with suitable student insurance – both in your student house and while you’re out and about

 

Thanks to Endsleigh for sharing their experience of Student Insurance with us. As a bonus, Endsleigh is offering you a free regular hot drink from Greggs when you register for the free My Endsleigh app. Click here to download the app.

 

Further learning

Figuring out your insurance

Risk pathway

The truth about gambling

3 finance questions you’re too embarrassed to ask

Scams pathway

 

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