Discussing insurance is dull, but all too important. Could you afford to replace everything you owned if it went missing in transit, was stolen, or worse was involved in a fire? When you move into your new postgrad student accommodation it’s the perfect moment to think about your insurance requirements.
See If You’re Already Covered
Check first if your accommodation provider has any kind of insurance. Many universities halls of residence, like the University of Glasgow, have insurance in place already and you might be able to individually change this policy. Other private halls of residence sometimes provide their residents with insurance as well. If you live at your parent's house during the holidays, then you might qualify to be covered or be able to extend their household insurance for free whilst studying, however in this instance it's vital you check first with your parents, as they might not wish for you to use their insurance as any claim you make will risk increasing the cost of their premium.
Get Some Quotes
As with any other type of insurance, it's best to get a few quotes but also check with your Student Union or Association as they might recommend an insurer, for example, the National Union of Students in the UK recommends Endsleigh. Research shows that students are more likely to be victims of burglary than the rest of the population, and a specific student insurance provider will often offer you better rates than another more general insurance company.
How Much Are You Worth?
Think about the value of your goods. The average student in the UK has around £3,500 worth of gadgets and other technology and when you add in the extra items a postgraduate student will own compared to a first-year undergraduate then you can see how the value of your belongings can start to build up. Don't forget about items such as bicycles and musical instruments, as these can be costly to replace and are not always included in the insurance policy. Also, consider your insurance requirements whilst you are traveling or studying abroad and check if this is included in your policy or if you need a separate insurance policy whilst out and about.
Consider Different Packages
There are a few different packages of insurance that are helpful for postgraduate students. You can take out gadget-only insurance from as little as £4 per month which is a great cost-effective solution if you are in halls of residence but the insurance doesn't extend to mobile phones, laptops and tablets. Postgraduate students can also get contents insurance that covers just themselves in shared accommodation which can start from around £58 per year or you can cover the contents of everyone who is living in the house in a single policy which can be a cost-effective solution.
Do You Need Medical Insurance?
Of course, if you are a postgraduate student outside of the UK and EU medical insurance is something to consider, but this is usually provided by your institution. Inside the UK many people also wish to have dental insurance, but this is not always necessary for students.
There are plenty of options when thinking about your insurance needs and a little bit of thought will be a massive help to you if things go wrong.