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Contents insurance not a priority for half of students

11th Sep 17 10:11 am

Almost 46 per cent don’t have home contents insurance

As more than half a million students pack their bags for University this September, a new study by Co-op Insurance reveals almost half don’t have home contents insurance.

The study, conducted among UK University students found that almost half (46 per cent) don’t have home contents insurance and a tenth (8 per cent) simply don’t know if they have it.

When it comes to reasons for not getting contents insurance, more than a third (34%) cited cost as the biggest barrier, whilst less than a third (28 per cent) just haven’t got round to getting it.

For a tenth (13 per cent), it’s simply not knowing how to get cover, a sixth (14 per cent) presume their landlord has it sorted and a tenth (11 per cent) would rather risk it than take out cover.

Highlighting the importance of such cover, two fifths (40 per cent) of students calculate their contents to be worth between £1,000 and £2,499 and a quarter (24 per cent) estimate that their belongings are worth £2,500 or more. 

A high proportion of students own valuable possessions, including a laptop (84 per cent), mobile phone (84 per cent), TV (59%), tablet (55 per cent), jewellery/watch (46 per cent), games console (45 per cent), sports equipment (20 per cent) and designer clothes (24 per cent) or shoes/handbags (20 per cent).

With this is mind, a fifth (21 per cent) have had their home broken into or had an attempt made, and a third (29 per cent) admit to worrying about break-ins.

Furthermore, those living in a detached house are significantly more likely (51 per cent) than others to have experienced a break-in, which is concerning given that a fifth (19 per cent) of students live in this type of property. 

It’s not just theft that requires cover either. Contents insurance can also protect against fire damage, personal possessions, accidental damage and emergency repairs**.  

Caroline Hunter, Head of Home Insurance at Co-op commented: “It’s concerning to see that as many as 46 per cent of students don’t have contents insurance, especially given the cumulative value of many of these properties, which are often made up of multiple tenants.

“Unfortunately accidental damage and theft does happen within student homes and so we would urge students to take out home contents insurance, which doesn’t have to be expensive but can often safe a whole host of hassle and expense in the future.”

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