Life can be hard when you’re a student. Don’t get me wrong, life can also be incredibly fun and easy for a student but there is no doubt that you do often get the rough end of things. There has been a lot of talk in the media for the past three or four years about the spiralling costs of University. From tuition fees to higher interest loans and from increased living expenses to the high cost of car insurance for the young, the student life must often seem like one big bill.
There is the odd bit of great news, however. Student cards, for example, entitle the holder to all sorts of high street discounts, concessions and cheap travel (it even gets a free cheeseburger at McDonald’s!), and the extraordinary ability to live on microwave noodles must save a fortune. The other area in which students can save a bundle is in the home insurance. In fact, some of the best home insurance deals are earmarked for students.
So why is this? For starters, students, like most tenants, do not need to take out buildings insurance as whether you live in a shared house or on campus in student halls, the building is not your responsibility. The cost of contents insurance can also be quite high but often students only have enough possessions to fill the one room that they rent. A typical student will only require a maximum of around £1500 worth of contents cover which could result in a tiny premium.
Insurers are like all businesses and they value brand loyalty very highly. There is no better time to hook someone than when they are young so savvy insurers reserve their best deals for students in the hope that this will lead to a lifetime of business. Endsleigh, in particular, go the extra mile for students with dedicated cover that promises to replace stolen mobile phones and laptops within 24 hours. The Endsleigh cover is the only one that is recommended by the National Union of Students (NUS).
There are others, too, and I would recommend approaching a few of these directly rather than spending time on price comparison sites. Cover 4 Students offer an array of different policies that will cover you both inside and outside the home. JS Insurance offer exclusive deals and Natwest have an ‘Essentials’ range of insurance for those on a budget, especially students.
If you’re off to University this autumn, home insurance may not be at the top of your priorities, but don’t put it off until it’s too late – there are great deals out there.